Oil prices increased for a second consecutive day on Friday, driven by rising concerns about global supply uncertainty linked to Venezuela and Iran.
The gains also set benchmarks on track for a third straight weekly advance.
- Brent crude futures rose about 1.3%, trading near $62.82 per barrel.
- WTI crude gained roughly 1.3%, reaching around $58.52 per barrel.
Both benchmarks rose by more than 3% on Thursday, continuing a weekly uptick as traders weighed geopolitical risks. Brent is poised for a weekly gain near 2.7%, while WTI has climbed about 1.4% this week.
Why Prices Are Rising
Market analysts say the uptick reflects concern over disruptions to oil supply from key producers:
1. Venezuelan Supply Uncertainty
Prices rose following geopolitical developments in Venezuela, where recent political upheaval has cast doubt on future oil exports. Reports that the Donald Trump administration may exert control over Venezuela’s oil sector added to uncertainty about how sanctioned crude will be marketed and delivered.
Oil prices gain on concerns about supply disruptions in Venezuela, Iran https://t.co/AQcAG4BXWM https://t.co/AQcAG4BXWM
— Reuters (@Reuters) January 9, 2026Major energy firms and trading houses are reportedly competing for rights to export Venezuelan oil, reflecting demand for barrels previously sold at discounted prices.
2. Iranian Unrest and Output Risks
Civil unrest in Iran, an influential Middle Eastern oil producer, has compounded supply fears. A nationwide internet blackout was reported as protests over economic conditions continued in cities including Tehran, Mashhad and Isfahan, further clouding near-term production forecasts.
Read: Oil Prices Fall After Venezuela Political Crisis and Maduro Arres
3. Broader Geopolitical Risks
Concerns about the potential expansion of conflict affecting Russian oil exports also contribute to risk premiums in crude markets, as traders closely monitor geopolitical developments.
Market Outlook
Despite recent gains, analysts caution that persistent global oil inventories and broad oversupply could limit the strength and duration of price increases if geopolitical pressures ease. Unless tensions around Iran or Venezuela deepen further, the rebound is expected to remain modest and potentially difficult to sustain.
Oil markets remain sensitive to evolving global events, underscoring the interplay between geopolitics and energy prices as producers and traders adapt to uncertainty.
