Oil steadies near five-week high as Iran export risks offset Venezuela supply hopes

Oil prices held near a five-week high as concerns that Iran could curb exports during a crackdown on antigovernment protests offset expectations of rising supplies from Venezuela.

Brent crude rose or 0.2% to $64.05 a barrel. U.S. West Texas Intermediate crude rose 0.2%, to trade at $59.69.

Both benchmarks ended Friday at their highest levels since Dec. 5 on worries that Iran, one of the largest producers in the Organization of the Petroleum Exporting Countries, could reduce exports.

Iran said Monday it was keeping communications open with the United States as President Donald Trump weighed responses to a deadly crackdown on nationwide protests, which represent one of the most serious challenges to the country’s clerical leadership since the 1979 Islamic Revolution. Trump is expected to meet with senior advisers Tuesday to discuss options on Iran, a U.S. official told Reuters.

Meanwhile, Venezuela is expected to resume oil exports soon following the ouster of President Nicolás Maduro, raising prospects of additional supply from the OPEC member, which remains under sanctions. Trump said last week that the government in Caracas is set to hand over as much as 50 million barrels of oil subject to Western sanctions to the United States.

The prospect has sparked a scramble among oil companies to secure tankers and prepare operations to ship the crude safely, according to four sources familiar with the plans. At a White House meeting Friday, commodities trader Trafigura said its first vessel should load within the next week.

Investors are also watching the risk of supply disruptions from Russia as Ukraine’s attacks have targeted energy facilities, along with the possibility of tougher U.S. sanctions on Moscow’s energy sector.

In Azerbaijan, oil exports fell to 23.1 million tonnes in 2025 from 24.4 million tonnes in 2024, the country’s energy ministry said Monday.