Oil prices climbed above $63 per barrel this weekend as unrest in the Middle East and political uncertainty in Venezuela fueled concerns over global supply.

Data from oilprice.com showed that Brent crude reached $63.34 per barrel on Sunday, while the US benchmark, West Texas Intermediate (WTI), traded at $59.12. The increase follows a rebound after two consecutive days of decline, highlighting investor sensitivity to potential disruptions from key oil-producing nations.

Market analysts attributed the spike to escalating protests in Iran, which have reportedly left about 40 people dead and led to nearly 2,000 arrests. The Iranian government also restricted internet access in the country, a move often used to curb unrest. In response to the protests, Iran’s Supreme Leader, Ayatollah Ali Khamenei, accused demonstrators of acting on foreign influence and vowed to maintain the regime’s authority.

“The immediate risk of supply disruptions in Iran is driving the market, overshadowing potential gains if the situation changes in the future,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, said.

Earlier in the week, prices dipped following US President Donald Trump’s announcement that Venezuela would export up to 50 million barrels of crude to the US. The deal, estimated at $2 billion, was expected to bolster supply to US Gulf Coast refineries and reduce unauthorized oil shipments to China.

Venezuela entered 2026 amid heightened instability after US forces captured President Nicolás Maduro and transferred him to face federal charges in the United States. Vice President Delcy Rodríguez has assumed the role of Acting President, aiming to maintain institutional continuity, while the world watches closely for developments in the country’s oil sector.

Analysts say geopolitical risks, particularly in Iran and Venezuela, will continue to shape crude prices in the near term, keeping markets on edge.