Crude Oil Climbs on Geopolitical Concerns

2026-01-09 19:51 By Mojdeh Kazemi 1 min. read

WTI crude oil rose 2.3% to settle at $59.12 per barrel on Friday, as markets became increasingly sensitive to escalating unrest in Iran and continued uncertainty over Venezuelan supply.

Prices advanced for a second straight session, recovering from earlier declines and marking a 1.5% weekly gain.

Protests in Iran, including reports of a rising death toll and a nationwide internet blackout, heightened fears of potential supply disruptions from a major producer.

Geopolitical risk premiums also increased, with options markets showing a stronger skew toward bullish positioning.

At the same time, uncertainty surrounding Venezuelan exports persisted after the US moved to take control of the country’s oil sales, with large volumes in storage potentially entering global markets.

Broader supply concerns were reinforced by worries about the Russia-Ukraine war affecting Russian exports, even as rising global inventories and oversupply risks continued to cap gains.



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