ISLAMABAD (Web Desk) – Oil prices climbed for the second consecutive day as market participants grew increasingly worried about potential interruptions to oil production and exports from Iran and Venezuela. Brent crude futures advanced by about 59 cents to around $62.58 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by roughly 54 cents to $58.30 per barrel, reflecting heightened geopolitical risk and tightening supply expectations.
The rise comes amid U.S. plans to exert extended control over Venezuelan oil sales. According to U.S. Secretary of State Marco Rubio, Washington will oversee the sale of 30 to 50 million barrels of Venezuelan oil on the open market at prevailing rates, with revenue managed to support stabilization efforts in the country. Rubio outlined a three-phase framework involving stabilization, recovery, and transformation after briefing Senate members.
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Investors have reacted to these developments by pricing in supply uncertainty, with oil markets sensitive to geopolitical shifts that could tighten physical flows, especially as Iran faces internal pressures that may weigh on its own production levels.
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