Crude oil price dips as investors assess Iran supply, Venezuelan export resumption

Crude oil prices dipped on Monday, after Iran said it had “total control” following weekend violence, easing some concerns over supply from the OPEC producer, while investors also weighed efforts to resume oil exports from Venezuela.

Brent crude futures lost 9 cents to $63.25 a barrel while U.S. West Texas Intermediate crude was at $59.02 a barrel, down 10 cents.

Both benchmarks rose more than 3% last week in their biggest such rise since October, as Iran’s clerical establishment stepped up its crackdown on the biggest demonstrations since 2022, though protests escalated over the weekend.

The situation in Iran is “under total control” after the weekend spike in violence, Foreign Minister Abbas Araqchi said on Monday via English translation.
U.S. President Donald Trump’s warning of action against Tehran should protests turn bloody motivated “terrorists” to target protesters and security forces in order to invite foreign intervention, he added. More than 500 people have been killed in Iran’s civil unrest, a rights group said on Sunday.

Trump is expected to meet senior advisers on Tuesday to discuss options for Iran, a U.S. official told Reuters. While a premium has formed in oil prices in recent days, the market is still underestimating the geopolitical risk from a wider Iran conflict that may affect oil shipments in the Strait of Hormuz, Saul Kavonic, head of energy research at MST Marquee.