Oil holds near $59 as geopolitical risks linger

WTI crude futures hovered around $59 per barrel on Monday, extending last week?s gains as geopolitical tensions continued to underpin prices. Escalating protests in Iran, now in their third week, have heightened concerns over potential supply disruptions, with authorities signaling a tougher response and sharp rhetoric exchanged between Tehran and Washington. Uncertainty also lingered over Venezuela?s crude exports as shifting US policy and sanctions clouded the outlook, while President Donald Trump warned Cuba of possible cuts to Venezuelan oil and financial support. Adding support, a softer US dollar lifted dollar-denominated assets, with the dollar index easing to around 98.5. In the domestic market, MCX January crude oil futures edged 0.3% lower to ₹5,336 per barrel.

Powered by Commodity Insights