Oil prices pushed higher for a second consecutive session on Friday, rising more than 1% and remaining on course for a third straight weekly gain, as markets continued to price in the risk of supply disruptions tied to Venezuela and growing unrest in Iran.
Brent crude futures advanced about 1.3% to roughly $62.8 a barrel, while US West Texas Intermediate (WTI) crude climbed by a similar margin to around $58.5. Both benchmarks followed a sharp rebound on Thursday, when prices jumped more than 3% after two days of losses. For the week, Brent is heading for a gain of around 2.7%, with WTI up about 1.4%.
Geopolitical uncertainty has been the dominant theme, with traders closely watching developments in Venezuela and their potential impact on global oil flows, while protests and instability in Iran have added to concerns over production. Analysts note that rising geopolitical stress is supporting prices despite expectations that the oil market could face oversupply in 2026.
“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 also been supported by political risk following actions by the United States in Venezuela, including the capture of President Nicolás Maduro and statements from the Trump administration asserting control over the country’s oil sector, which could reshape export dynamics. At the same time, civil unrest in Iran, alongside fears that the Russia–Ukraine conflict could further disrupt Russian oil exports, has reinforced the risk premium in crude markets.
“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.
Meanwhile, major oil producers and global trading houses are manoeuvring to secure access to Venezuelan crude under emerging US government frameworks, competing for barrels that have accumulated in storage as a result of sanctions and shipping disruptions.
Even so, some caution remains. Global oil inventories are rising, and analysts warn that underlying oversupply could limit the sustainability of the rally unless geopolitical risks intensify further.
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