NEW YORK/LONDON: Oil prices surged by more than 2% on Tuesday as the prospect of disruptions to Iranian crude exports overshadowed possible increased supply from Venezuela. "The oil market is building in ‌some price protection against geopolitical drivers," said PVM Oil Associates analyst John Evans, highlighting the ⁠potential exclusion of Iran's exports, trouble in Venezuela, talks on Russia's war in Ukraine and US interest in taking control of Greenland. China is the biggest customer for Iranian crude. "Unrest in Iran has added about US$3-US$4 ⁠a barrel in geopolitical risk premium in oil prices, in our view," Barclays analysts said in a note. Markets are also grappling with concern over additional crude supply hitting the market with a resumption in Venezuelan exports.

Source: The Star January 13, 2026 23:07 UTC