2026.01.1220:39:16UTC+00WTI Up on Iran Unrest, Venezuela Developments

On Monday, West Texas Intermediate (WTI) crude futures reversed earlier declines to close 0.6% higher at $59.50 per barrel. This upswing was driven by rising geopolitical tensions in Iran, highlighting potential threats to its oil production of approximately 3.3 million barrels per day. Nationwide protests represent a major challenge to Iran's clerical leadership, prompting U.S. President Donald Trump to evaluate "strong options" as the situation unfolds. Although Iranian officials maintain that stability has returned, the ongoing risk of oil worker strikes or attacks on the region's energy infrastructure continues to fuel market volatility. These supply concerns counterbalance expectations for increased production from Venezuela, which is gearing up to restart exports following political shifts in Caracas. Additional uncertainties loom from Russia and Azerbaijan, where disruption and sanctions could impact the flow of OPEC+ oil.