Oil prices moved higher on Friday as traders weighed the risk of supply disruptions from Iran alongside ongoing uncertainty surrounding Venezuelan exports.
Brent crude futures climbed 50 cents, or 0.8%, to $62.49 a barrel by 13:59 GMT, while U.S. West Texas Intermediate crude gained 51 cents, or 0.9%, to $58.27.
Both oil benchmarks had already surged more than 3% on Thursday after two consecutive sessions of losses. On a weekly basis, Brent is heading for a 3% gain, while WTI is up around 1.8%.
Ole Hansen, head of commodity strategy at Saxo Bank, said escalating protests in Iran are raising concerns that oil output could be disrupted, adding to market anxiety.
Supply fears have been further amplified by unrest in Iran, a key Middle Eastern producer, as well as worries that the ongoing Russia–Ukraine conflict could eventually affect Russian oil exports.
Attention has also turned to Venezuela, where the White House is scheduled to hold talks with oil producers and trading firms on Friday regarding potential export arrangements.
President Donald Trump has demanded full U.S. access to Venezuela’s oil sector just days after the capture of the country’s leader, Nicolas Maduro. U.S. officials have indicated that Washington plans to oversee Venezuelan oil sales and revenues for the foreseeable future.
Major energy companies and trading houses, including Chevron, Vitol, and Trafigura, are competing for U.S.-backed agreements to market up to 50 million barrels of oil currently held in storage by Venezuela’s state-owned producer PDVSA, according to sources. Those inventories have accumulated amid a strict oil embargo that has already resulted in multiple tanker seizures.
Tina Teng, market strategist at Moomoo ANZ, said markets will be closely watching how Venezuelan oil stockpiles are sold and delivered in the days ahead.
In Iran, internet monitoring group NetBlocks reported a nationwide internet blackout on Thursday as protests over economic hardship continued in Tehran and major cities including Mashhad and Isfahan.
Meanwhile, Russia’s military said it launched its hypersonic Oreshnik missile at targets in Ukraine, including energy facilities supporting the country’s military-industrial complex, according to the Russian defense ministry.
Despite the geopolitical tensions, analysts cautioned that rising global oil inventories remain a key factor limiting price gains. Haitong Futures noted that unless risks tied to Iran intensify further, the current rebound in oil prices is likely to be capped and difficult to sustain.
