Published by Global Banking & Finance Review®
Posted on January 9, 2026
3 min readLast updated: January 20, 2026
Oil prices rise as Iran protests and Russia-Ukraine conflict heighten supply risks. Venezuelan oil export talks are also in focus.
By Nicole Jao
NEW YORK, Jan 9 (Reuters) - Oil prices rose on Friday, set for a weekly gain, on growing supply worries linked to the intensifying protests in oil-producing Iran and an escalation of attacks in Russia's war in Ukraine.
Brent futures were up $1.58, or 2.55%, to $63.57 per barrel at 12:41 p.m. ET (1741 GMT), while U.S. West Texas Intermediate (WTI) crude was up $1.60, or 2.77%, to $59.36.
Both benchmarks climbed more than 3% on Thursday, following two straight days of declines. For the week, Brent is on track to climb 4.6%, while WTI has gained 3.5%.
"The uprising in Iran is keeping the market on edge," said Phil Flynn, senior analyst with the Price Futures Group.
Worries over potential disruption of Iran's oil output grew as the civil unrest in the Middle Eastern country intensified.
"Iran protests seem to be gathering momentum, leading the market to worry about disruptions," said Ole Hansen, head of commodity analysis at Saxo Bank.
A nationwide internet blackout was reported in Iran on Thursday, internet monitoring group NetBlocks said, as protests over economic hardships continued in the capital Tehran, the major cities of Mashhad and Isfahan as well as other areas around the country.
The Organization of the Petroleum Exporting Countries pumped 28.40 million barrels per day last month, down 100,000 bpd from November's revised total, a survey showed, with Iran and Venezuela posting the largest declines.
Concerns about the spread of the Russia-Ukraine war also added to supply worries.
The Russian military said on Friday that it had fired its hypersonic Oreshnik missile at targets in Ukraine. The targets included energy infrastructure supporting Ukraine's military-industrial complex, the Russian defense ministry said in a statement.
Still, global oil inventories are rising, and oversupply remains the main driver that could cap gains, Haitong Futures said. Unless risks around Iran escalate, the rebound is likely limited and hard to sustain.
Meanwhile, the White House is set to meet with oil companies and trading houses Friday afternoon to discuss Venezuelan export deals.
U.S. President Donald Trump has demanded that Venezuela give the U.S. full access to its oil sector following its capture of the country's president Nicolas Maduro on Saturday. U.S. officials have said Washington will control Venezuelan oil sales and revenue indefinitely.
Oil major Chevron Corp, global trading houses Vitol and Trafigura, and other firms are competing for U.S. government deals to market up to 50 million barrels of oil that state-run oil company PDVSA has accumulated in inventories amid a severe oil embargo that has involved four tanker seizures, two sources said.
"The market will focus on the outcome in the coming days for how the Venezuelan oil in storage will be sold and delivered," said Tina Teng, market strategist at Moomoo ANZ.
(Reporting by Nicole Jao in New York; Additional reporting by Anna Hirtenstein and Stephanie Kelly in London, Sam Li in Beijing and Jeslyn Lerh in Singapore; Editing by Christian Schmollinger, Kirsten Donovan, Louise Heavens and Joe Bavier)
Brent crude oil is a major trading classification of crude oil originating from the North Sea. It serves as a benchmark for oil prices worldwide.
West Texas Intermediate (WTI) is a grade of crude oil used as a benchmark in oil pricing. It is sourced primarily from the U.S. and is known for its light and sweet characteristics.
Oil futures are contracts to buy or sell oil at a predetermined price at a specified time in the future, allowing investors to hedge against price fluctuations.
Explore more articles in the Finance category
