Global crude oil prices continued to rise for a second straight day, driven by geopolitical developments involving Iran and Venezuela, according to market analysts.
In the international market, Brent crude oil climbed to $63.40 per barrel, while West Texas Intermediate (WTI) rose by 54 cents to $58.30 per barrel.
Analysts attribute the upward movement to uncertainty surrounding oil supplies, particularly due to developments in Iran and Venezuela, both of which play key roles in global energy markets.
Market sentiment was further influenced by recent statements from the United States regarding Venezuelan oil. The US has announced plans to take control of Venezuelan oil supplies for an indefinite period. US Secretary of State Marco Rubio stated that 30 to 50 million barrels of oil would be received from Venezuela and later sold at prevailing market rates.
Energy experts say such developments have increased supply-side uncertainty, prompting traders to push prices higher amid concerns over future availability.
If geopolitical tensions persist, analysts warn that oil price volatility may continue, affecting global energy markets in the coming days.
