Brent crude futures fell toward $63 per barrel on Monday, giving back earlier gains as the potential resumption of Venezuelan oil exports outweighed concerns over supply disruptions from escalating protests in Iran. The unrest has reportedly claimed hundreds of lives, with US President Donald Trump reportedly weighing options to intervene, raising fears that it may impact oil shipments at the Strait of Hormuz. Iran exports nearly 2 million barrels per day and ranks as OPEC’s fourth largest producer, making any escalation a material risk to global supply. Meanwhile, Venezuela is expected to resume oil exports soon, with Trump last week indicating that Caracas could release up to 50 million barrels of previously sanctioned crude to the US. US oil companies are now arranging tanker shipments, with the first vessel potentially loaded by next week.
