Oil prices rose by 2% due to unrest in Iran and escalation in Ukraine
Kyiv • UNN
Global oil prices rose by 2% at the close of trading on January 9 due to geopolitical instability. Protests in Iran and escalation in Ukraine affected the market.
Global oil prices ended the trading week with an increase amid heightened geopolitical instability. The main factors pressuring the market were mass protests in Iran and the intensification of hostilities in Ukraine, which creates risks for the stability of energy supplies. This is reported by Reuters, writes UNN.
Details
Following Friday's trading on January 9, Brent futures rose by 2.18% to $63.34 per barrel. American WTI oil rose by 2.35%, reaching $59.12. Over the week, Brent gained about 4% in price, and WTI - 3%.
Analysts at Price Futures Group note that the market is tense due to the situation in Iran. Civil unrest in the OPEC oil-producing country could lead to disruptions in production. An additional factor of concern is the escalation of attacks on Russian energy infrastructure, which threatens Russia's export capabilities.
The impact of the Venezuelan factor
At the same time, investors are closely monitoring the actions of the Donald Trump administration regarding Venezuela. After the announcement of the transition of the Venezuelan oil sector under de facto US control, Washington has already announced the conclusion of agreements worth 2 billion dollars. Trump emphasized that oil from storage facilities will be sent directly to American ports, and future production contracts will be concluded only with the US government.
Despite rising prices, Bloomberg and Goldman Sachs analysts warn that a prolonged price increase may be limited due to the overall oversupply in the market, which is projected for the entire year 2026.
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