Oil prices rise over supply disruptions in Venezuela, Iran

Oil prices rose for a second day on Friday, January 9, 2026, over uncertainty about the future of supply from Venezuela and Iran.

Oil prices increased more than 1% and set for their third weekly gain on Friday.

Brent futures gained 83 cents, or 1.3%, to $62.82 per barrel at 0730 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 76 cents, or 1.3%, to $58.52.

Both benchmark prices climbed more than 3% on Thursday, following two straight days of declines, and Brent is set to climb 2.7% for the week, while WTI has gained 1.4% for the week.

US Senate votes to stop military action in Venezuela

A senior market analyst at Phillip Nova, Priyanka Sachdeva, told Reuters: “Bottlenecks in the flow of sanctioned barrels and steady demand signals appear to counter the backdrop of an oversupplied 2026, at least for now.

“Escalation in geopolitical stress adds to the current momentum in oil prices.”

Prices have gained following United States President Donald Trump’s seizure of Venezuela President Nicolas Maduro last week and his claims the U.S. will control the South American country’s oil sector.

Civil unrest in major Middle Eastern producer Iran and concerns about the spread of the Russia-Ukraine war to target Russian oil exports have also increased supply concerns.

The Star