Oil rises on Iran unrest, supply risk outweighs Venezuela gains
Oil prices climbed again Tuesday as growing fears that political unrest in Iran could disrupt crude supply pushed markets higher, even as hopes of increased output from Venezuela eased some pressure. Brent crude futures rose about 0.4% to around $64 a barrel, with U.S. West Texas Intermediate also up near $60 — near recent multi‑week highs.
Traders are watching Iran’s largest anti‑government protests in years, which have heightened concerns that production or exports could be interrupted. U.S. President Donald Trump has warned of possible intervention and is set to meet senior advisers to discuss options, while also threatening tariffs on countries trading with Tehran, News.Az reports, citing Reuters.
The situation has added a noticeable “geopolitical risk premium” to oil prices, analysts say, as markets weigh potential supply disruption. At the same time, a planned resumption of Venezuelan crude exports — including up to 50 million barrels earmarked for the U.S. — is expected to boost global supplies once shipments begin.
Elsewhere, geopolitical tensions remain elevated with renewed conflict in Ukraine and broader market uncertainty around U.S. economic policy and demand prospects.
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