RoydadNaft –  In today’s global energy market trading, crude oil experienced a mild upward trend, with both key benchmarks—Brent and WTI—posting gains. Brent futures reached around $64.60 per barrel in after-hours trading, signaling a partial return of trader confidence to the market following several days of declines. WTI crude similarly approached the $60 level with comparable support, registering roughly a 0.7% increase.

According to Roydad Naft, the main reasons for this price rise are primarily linked to geopolitical factors. Recent statements by U.S. President Donald Trump regarding new threats against Iran and warnings of potential military action if tensions escalate have raised serious market concerns about possible disruptions to Iranian oil supply (Iran being OPEC’s fourth-largest producer). Trump spoke of deploying a “fleet” to the region and stressed that Iran would have to “pay a heavy price,” which increased the geopolitical risk premium in the market.

In addition, developments in Venezuela and the potential return of larger volumes of the country’s heavy crude to Western markets (especially following recent political changes and possible negotiations with Washington) have indirectly affected the market. However, in the short term, this has not been strong enough to offset the more powerful impact of Middle East-related concerns.

Despite this increase, the market continues to face significant downward pressures, including worries about a global supply surplus in 2026, extreme caution among U.S. producers regarding new shale investments, and uncertainties surrounding energy policy in the new U.S. administration. Analysts believe that in the short term, geopolitical factors (particularly tensions involving Iran and the broader Middle East) are providing supportive price pressure, but in the medium to long term, the main drivers of market direction will be global demand outlook, OPEC+ production quota decisions, and the extent to which promised U.S. production increases materialize.

Prices today traded in a relatively volatile range, and they are expected to remain influenced in the coming hours and days by political news from the Middle East, Venezuela developments, and statements from U.S. officials. Traders continue to act cautiously, and any new headline could trigger further volatility.