Oil prices climbed on Monday, driven by market concerns that Iran might reduce exports amid its crackdown on the largest-scale anti-government protests in years. This worry offset expectations of a potential supply increase from another sanctioned OPEC member, Venezuela.
Brent crude futures rose by $0.67, or 1.1%, settling at $64.01 per barrel.
The February WTI crude futures on the New York Mercantile Exchange increased by $0.38, or 0.6%, closing at $59.50 per barrel.
Iran stated on Monday that it is maintaining open communication channels with the United States, while U.S. President Donald Trump weighs his response to the deadly suppression of nationwide protests. These protests represent one of the most significant challenges to the theocratic rule since the 1979 Islamic Revolution.
A U.S. official indicated that Trump is expected to meet with senior advisors on Tuesday to discuss options regarding Iran.
Venezuela is poised to resume its oil exports.
Informed sources revealed that Venezuela is anticipated to quickly restart oil exports following the U.S.-forced removal of President Nicolás Maduro.
Trump announced last week that the Venezuelan government would transfer up to 50 million barrels of oil, currently under Western sanctions, to the United States. This has triggered a scramble among oil companies to secure tankers and arrange for the safe transport of the crude, according to four individuals familiar with the operations. During a White House meeting on Friday, the multinational commodities firm Trafigura stated that its first tanker would load next week.
Investors are also monitoring the risk of supply disruptions in other regions.
Attention is focused on potential Russian supply interruptions, as Ukrainian attacks have targeted its energy infrastructure, and the U.S. may impose stricter sanctions on Moscow's energy sector. Azerbaijan's energy ministry reported on Monday that the country's oil exports fell to 23.1 million tons in 2025, down from 24.4 million tons in 2024.
Both Russia and Azerbaijan are members of OPEC+, which includes OPEC and its allied oil-producing nations. The Norwegian government announced on Monday that it will present a policy document to parliament next year regarding the future of the oil and gas industry, covering aspects such as companies' access to exploration blocks.
"Oil and gas are crucial for Norway and should be developed, not phased out," Norwegian Prime Minister Jonas Gahr Støre stated in a speech.
U.S. investment bank Goldman Sachs noted in a report that, although geopolitical risks related to Russia, Venezuela, and Iran will continue to heighten market volatility, oil prices are likely to trend lower gradually this year as new supplies come online and create a market surplus.
