After two consecutive days of declines, both major benchmarks rose by more than 3% on Thursday. Brent crude is poised for a 2.7% gain this week, while WTI is set for a 1.4% increase.
The price increase comes after the U.S. President last week ordered the arrest of the Venezuelan President and stated that the U.S. would take control of the South American nation’s oil sector.
In Iran, a nationwide internet shutdown was reported on Thursday, according to the internet monitoring group NetBlocks, as protests continued in the capital Tehran, the major cities of Mashhad and Isfahan, and other parts of the country over economic hardships.
However, global inventories are rising, and oversupply remains a key driver that could cap gains, according to Haitong Futures. Haitong Futures further stated that unless the risks surrounding Iran escalate, the recovery will be limited and difficult to sustain.
