Global oil prices have stabilized for the first time in four days following the resumption of oil exports from Venezuela. The primary benchmarks for global oil pricing, Brent Crude and West Texas Intermediate (WTI), showed a slight decline after a consecutive four-day rally. Brent Crude dropped by 20 cents to settle at $65.27 per barrel, while West Texas Intermediate decreased by 23 cents, currently trading at $60.92 per barrel. Despite this stabilization, market experts warn of potential supply disruptions and ongoing volatility due to civil unrest and anti-government protests in Iran.
The Venezuelan oil supply had previously faced significant constraints due to sanctions imposed by the United States against President Nicolas Maduro’s administration. However, following the intervention by U.S. forces and subsequent negotiations with the interim government, oil exports have resumed. Reports indicate that two tankers carrying approximately 1.8 million barrels of oil departed from Venezuela last Monday. This shipment is part of a 50-million-barrel agreement reached between the interim government and the United States. Analysts suggest that if the unrest in Iran impacts its national oil supply, global prices could potentially surge to $70 per barrel.
