The upward trend in global crude oil prices continued as international markets reacted to growing geopolitical concerns involving Iran and Venezuela.
According to market data, Brent crude climbed to $63.40 per barrel, while West Texas Intermediate (WTI) crude rose by 54 cents to reach $58.30 per barrel.
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Geopolitical Factors Drive Oil Prices Higher
Energy experts say the increase in oil prices is largely driven by uncertainty surrounding Iran’s regional situation and recent developments related to Venezuela’s oil supply.
The market reacted strongly after the United States announced it would take control of Venezuelan oil for an indefinite period, raising concerns over supply disruptions and future availability.
US Plans to Sell Venezuelan Oil
US Secretary of State Marco Rubio stated that the United States plans to receive between 30 to 50 million barrels of oil from Venezuela, which will later be sold at market rates.
Analysts believe these developments have added pressure on oil markets, with prices likely to remain volatile in the short term, depending on further political and economic decisions.
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