NEW YORK: Oil prices held near a five-week high on Monday as concerns Iran may reduce exports during a crackdown on the biggest anti-government demonstrations in years offset expectations supplies could rise from Venezuela, another OPEC member under sanctions.
Brent futures rose 8 cents, or 0.1 percent to USD63.42 a barrel, while US West Texas Intermediate crude fell 13 cents, or 0.2 percent, to USD58.99.
On Friday, both crude benchmarks closed at their highest levels since December 5 on worries that Iran, one of the biggest oil producers in the Organization of the Petroleum Exporting Countries, could reduce exports. Iran said on Monday it is keeping communications open with the US as President Donald Trump weighed responses to a deadly crackdown on nationwide protests, which pose one of the stiffest challenges to clerical rule since the 1979 Islamic Revolution. Trump is expected to meet senior advisers on Tuesday to discuss options for Iran, a US official told Reuters.
Venezuela is expected to resume oil exports soon following the ouster of President Nicolas Maduro, as Trump said last week the government in Caracas is set to hand over as much as 50 million barrels of oil subject to Western sanctions to the US That has set off a race among oil companies to find tankers and prepare operations to ship the crude safely, four sources familiar with the operations said. In a White House meeting on Friday, multinational commodities firm Trafigura said its first vessel should load in the next week.
Investors are also watching the risk of disruptions in supply from Russia, as Ukraine’s attacks have targeted its energy facilities, and the prospects of tougher US sanctions on Moscow’s energy. In Azerbaijan oil exports dropped to 23.1 million tonnes in 2025 from 24.4 million tonnes in 2024, the energy ministry said on Monday.
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