FX.co ★ Oil Slips as Traders Weigh Geopolitical Risks

Brent crude futures declined towards $63 per barrel on Monday, reversing earlier gains as the potential resumption of Venezuelan oil exports overshadowed concerns about supply disruptions prompted by intensifying protests in Iran. The unrest, which has reportedly resulted in hundreds of casualties, has led US President Donald Trump to contemplate measures for intervention, heightening apprehensions about its impact on oil transits through the Strait of Hormuz. Given that Iran exports nearly 2 million barrels per day and ranks as OPEC's fourth-largest producer, any escalation poses a significant risk to the global oil supply. Simultaneously, Venezuela is anticipated to recommence oil exports soon, with President Trump suggesting last week that Caracas might release up to 50 million barrels of previously sanctioned crude to the United States. US oil companies are currently coordinating tanker shipments, with the first vessel potentially ready for loading by the following week.