Iran Protests Threaten Oil Supply, Crude Prices Jump; Venezuela Offers Relief

• Crude oil prices rose due to escalating protests in Iran, raising concerns about supply disruptions from the OPEC nation.
• Brent Crude futures increased by 0.49% to $63.65 per barrel, and US WTI Crude gained 0.51% to $59.42 per barrel.
• Both contracts saw over 3% gains last week, their biggest weekly increase since October, amid Iran's crackdown on protests.
• ANZ analysts warn that oil industry workers being urged to stop working could disrupt 1.9 million barrels per day of oil exports.
• Hopes for resuming oil exports from Venezuela are limiting price gains, with up to 50 million barrels potentially available to the US.

Why It Matters: Iran protests fuel oil price hikes, but potential Venezuelan exports offer a glimmer of supply relief.