Oil prices climbed for a second session on Friday, rising over 1% and positioning the market for a third straight weekly advance as investors weighed uncertainties over crude supply from Venezuela and rising concerns about output in Iran. Brent futures rose about 1.3% to around $62.8 a barrel, while U.S. West Texas Intermediate (WTI) crude also gained roughly 1.3% to about $58.5, continuing a rebound after prices jumped more than 3% on Thursday following prior losses. Brent is on track for roughly a 2.7% weekly increase and WTI for about 1.4%.
Geopolitical uncertainty has been a key driver this week, with traders focused on how recent developments in Venezuela are affecting global crude flows, and unrest in Iran adding to supply risk perceptions. Analysts also point to wider geopolitical stress as bolstering prices amid concerns that sanctioned barrels may face bottlenecks even as demand remains resilient. “Bottlenecks in the flow of sanctioned barrels and steady demand signals appear to counter the backdrop of an oversupplied 2026, at least for now,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. “Escalation in geopolitical stress adds to the current momentum in oil prices.”
Oil has been supported in part by heightened political risk following U.S. actions in Venezuela, including the removal of President Nicolás Maduro and moves by the Trump administration to assert control over the country’s oil sector, which hold some implications for future exports. Ongoing civil unrest in Iran, coupled with broader fears that the Russia-Ukraine conflict could further disrupt global energy supply chains, has also contributed to risk premiums in crude pricing.
“The price surge has been primarily due to Trump’s claim to control Venezuela’s oil export, which could see a price increase from previously discounted sales,” said Tina Teng, market strategist at Moomoo ANZ, highlighting how expectations around policy and export flows are shaping sentiment.
Meanwhile, major oil companies and trading houses are moving into position to secure access to Venezuelan crude under emerging US government frameworks, competing for opportunities to export barrels that have built up in storage amid a complex embargo landscape.
Nevertheless, traders remain mindful of the broader supply picture. Despite these geopolitical risks, global inventories have been climbing, and analysts warn that an underlying oversupply could constrain further gains unless tensions escalate further.