Oil steady, investors weigh Venezuela export resumption versus potential Iran supply disruption

Oil prices were little changed on Monday as investors eyed potential supply disruptions from OPEC producer Iran amid intensifying protests, although efforts to quickly resume oil exports from Venezuela kept a lid on prices. Brent crude futures slipped 5 cents to $63.29 a barrel by 0131 GMT while U.S. West Texas Intermediate crude was at $59.06 a barrel, down 6 cents. Both contracts rose more than 3% last week to clinch their biggest weekly rise since October as Iran’s clerical establishment intensified its crackdown on the biggest demonstrations since 2022. While a premium has formed in oil prices in recent days, the market is still underestimating the geopolitical risk from a wider Iran conflict that may impact oil shipments at the Strait of Hormuz, Saul Kavonic, head of energy research at MST Marquee.