Brent crude futures held steady near $82 a barrel as geopolitical tensions over Greenland eased, removing a potential disruption to Arctic shipping routes. Traders also weighed supply constraints from Kazakhstan to Venezuela, which have kept the market on edge despite a recent inventory build in the U.S.

The U.S. push for Greenland had briefly stoked fears of a wider Arctic scramble, but those concerns have subsided. This follows a broader pattern where geopolitical risks often create short-lived price spikes before fundamentals reassert control. Investors are now refocusing on actual production data and export flows.

Key watchpoints include OPEC+ compliance and the pace of Venezuelan output recovery amid sanctions. Any escalation in the Arctic could return as a catalyst, but for now, the market appears more responsive to tangible supply-side news than diplomatic maneuvering.