Crude oil prices in the global market saw a slight decline on Monday.
According to sources, investors are monitoring the risk of potential supply disruptions due to rising protests in Iran, while efforts by Venezuela to resume oil exports have limited the price increase.
Sources report that Brent crude futures fell by five cents to $63.29 per barrel, while US West Texas Intermediate (WTI) crude declined six cents to trade at $59.06 per barrel. Last week, both benchmarks had risen by over 3%, marking the largest weekly gain since October. This increase was mainly driven by calls for strikes in Iran’s key oil sector in response to the strict reaction of the religious government structure, which could potentially disrupt exports by up to 1.9 million barrels per day.
Meanwhile, it is expected that Venezuela will soon resume oil sales. US President Donald Trump stated that the Caracas government would supply nearly 50 million barrels of oil to the United States, prompting several companies to accelerate preparations for the safe transport of oil, including arranging ships and logistics.
