Oil prices climbed more than 3% on Thursday, rebounding after two days of losses, as investors assessed developments in Venezuela and monitored supply risks from Russia, Iraq, and Iran. Brent crude futures rose $2.03, or 3.4%, to settle at $61.99 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.77, or 3.2%, to settle at $57.76. Brent’s settlement marked its highest close since December 24.
The rally followed continued U.S. actions in Venezuela, including the capture of President Nicolas Maduro and the seizure of two Venezuela-linked oil tankers. Washington is actively managing the flow of Venezuelan crude and inviting U.S. and European oil companies to coordinate operations, while discussions are underway with commodity traders on marketing Venezuelan oil. Analysts noted that meaningful crude arrivals to the U.S. Gulf Coast could still be years away, limiting immediate market impact.
Supply concerns also emerged abroad. A Russia-bound tanker was attacked by drones in the Black Sea, Iraq plans to nationalize operations at the West Qurna 2 oilfield amid U.S. sanctions on Lukoil, and unrest in Iran—including protests and a nationwide internet blackout—threatened exports that account for roughly 2% of global oil supply.
Despite these risks, analysts highlighted that short-term price moves largely reflect geopolitical headlines, while the market continues to anticipate ample global supply through 2026.