Oil prices surged over 2% on Friday as the market reacted to growing supply risks stemming from intensifying protests in Iran, escalating Russian strikes in Ukraine, and potential Venezuelan oil deals.
Brent futures settled $1.35 higher at $63.34 per barrel, while US West Texas Intermediate rose $1.36 to $59.12 per barrel, reflecting investor concerns over disruptions in key oil-producing regions.
Read more : Oil prices rise on supply disruption fears in Venezuela and Iran
The unrest in Iran, coupled with a nationwide internet blackout, heightened fears of supply interruptions as protests continued across Tehran, Mashhad, Isfahan, and other major cities, prompting traders to monitor crude output closely.
Russia’s ongoing attacks in Ukraine, including strikes on energy infrastructure with hypersonic Oreshnik missiles, further added to supply uncertainties, even as global oil inventories remain elevated, keeping gains potentially capped.
Read more : Oil prices rise as Venezuela bonds surge after US captures Maduro
Meanwhile, the White House met with oil companies and trading firms to discuss Venezuela’s oil exports after US forces captured President Nicolas Maduro, aiming to control sales and revenue from PDVSA’s accumulated inventories.
US oil rig activity also showed early signs of tightening supply, with the rig count falling to 544, the lowest since mid-December, signaling potential limitations in domestic output and contributing to bullish oil sentiment.