The Kabul Tribune (KT) — Oil prices rose for a second consecutive day on Friday and were set for their third weekly gain amid growing concerns about potential supply disruptions from Venezuela and unrest in Iran, Reuters reported.
Brent crude futures gained around 0.7% to about $62.39 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed roughly 0.6% to around $58.11, Reuters said. Both benchmarks had climbed more than 3% the previous day following two days of declines. Analysts cited uncertainty about future oil output from Venezuela and Iran as key drivers of the uptick. “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. Market concerns intensified after U.S. President Donald Trump’s recent actions in Venezuela, including the seizure of Venezuelan President Nicolás Maduro, and his claims that the United States will control the South American country’s oil sector. Civil unrest across major Iranian oil-producing regions has also heightened fears about output there.
Despite geopolitical pressures supporting oil prices, analysts warned that global oversupply remains high, which could limit further gains unless supply risks escalate.
