WTI crude futures traded around $59 per barrel on Monday after the largest two-day rally since October, as escalating protests in Iran raised concerns over potential supply disruptions. The unrest has entered its third week and has reportedly resulted in hundreds of deaths, with authorities signaling a tougher crackdown. US President Donald Trump warned Tehran against targeting demonstrators and is reportedly weighing military options against Iran, while Tehran cautioned the US and Israel against any intervention. 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, uncertainty over Venezuela’s crude shipments persisted as shifts in US policy and sanctions continued to cloud the outlook for its oil flows. Trump also warned Cuba that Venezuelan oil and financial support would be cut off unless Cuban leaders reach a deal with Washington.
