Control over Venezuela’s oil has been in the spotlight all week, but developments in Iran are key to crude’s latest rise.

Crude futures rose for a third straight session with tensions in Iran keeping a bid in the market.

Oil prices opened the first trading session of 2026 slightly higher, supported by geopolitical tensions and new U.S. sanctions on Venezuela, despite lingering oversupply and weak demand growth.

Oil and gasoline prices could rise slightly due to Venezuelan export losses and geopolitical uncertainty, though pump prices remain at COVID-19 lows.

Oil prices rose on Thursday after two days of declines, as a larger-than-expected draw in U.S. crude inventories provided some impetus for investors to buy futures while they monitor developments in Venezuela.

Oil prices climbed as escalating geopolitical risks - from U.S. tanker seizures to unrest in Iran, Iraqi nationalization moves, and a Black Sea drone attack - heightened fears of a major supply disruption.

NEW YORK (Reuters) -Oil prices gained about 1% on Monday after the OPEC+ production increase planned for November was more modest than expected, tempering some concerns about supply additions, though a soft outlook for demand is likely to cap near-term gains.