Oil Rises in Asia as U.S.–Venezuela Tensions Add Supply Concerns

Oil prices edged higher in early Asian trading, supported by rising geopolitical tensions between the United States and Venezuela. Analysts at Nanhua Futures noted that S&P data shows a decline in tanker traffic to Venezuela, raising concerns over potential supply disruptions.

Geopolitical risks are likely to keep crude prices supported in the near term, with markets closely monitoring developments in U.S.–Venezuela relations for the next catalyst. Front-month WTI crude futures rose 0.7% to $57.13 per barrel, while Brent crude futures also gained 0.7% to $61.09 per barrel.