WTI crude oil futures edged up to $58.5 per barrel on Friday, heading for a weekly gain, supported by geopolitical risks. Crude prices rallied earlier in the week after President Donald Trump intensified the US naval blockade of Venezuela, with the seizure of oil tankers as its latest strategy. While Venezuelan crude accounts for only a small share of global supply, it remains a vital source of revenue for the government. In Europe, fighting between Russia and Ukraine continues to target energy infrastructure. On Thursday, Kyiv struck the Novoshakhtinsk oil refinery, a key supplier of diesel and jet fuel to Russian forces. Additionally, Trump announced on Thursday that the US carried out an airstrike against ISIS in Nigeria, an OPEC member. Limiting further gains, however, were persistent fears of an oversupplied market. So far this week, crude oil has risen more than 3%, putting it on track for its best weekly performance since October.
