FX.co ★ Brent crude Rises as Iran, Venezuela Concerns Mount

Brent crude oil rose by 2.2% to close at $63.3 per barrel on Friday, influenced by escalating geopolitical tensions and heightened concerns over supply disruptions involving Iran and Venezuela. This marked the second consecutive session of gains, helping Brent achieve a 2.8% increase for the week. The situation in Iran worsened as protests intensified, accompanied by increasing casualties and a nationwide internet shutdown, sparking fears of possible interruptions from one of the globe's major oil producers. These developments drove up risk premiums, as traders anticipated further price increases. Simultaneously, uncertainty loomed over Venezuelan supply following the United States' actions to exert control over the country's oil exports, further unsettling the market. Additional geopolitical risks, such as potential ramifications from the Russia-Ukraine conflict, also contributed to bolstering prices.