Oil rises as concerns about supply disruptions in Venezuela, Iran increase

Oil prices rose for a second day on Friday, set for their third weekly gain, on uncertainty about the future of supply from Venezuela and as Iranian unrest increases concerns about output there. Brent futures rose 44 cents, or 0.71%, to $62.43 per barrel at 0203 GMT, while U.S. West Texas Intermediate (WTI) crude gained 39 cents, or 0.68%, to $58.15. Both benchmark prices climbed more than 3% on Thursday, following two straight days of declines, and Brent is set to climb 2.7% for the week, while WTI has gained 1.4% for the week. Prices have gained following U.S. President Donald Trump’s seizure of Venezuela President Nicolas Maduro last week and his claims the U.S. will control the South American country’s oil sector. Civil unrest in major Middle Eastern producer Iran and concerns about the spread of the Russia-Ukraine war to target Russian oil exports have also increased supply concerns.