Oil prices rise to $61.80 amid worries over potential supply disruptions in Venezuela

So far this week, oil prices have declined by more than 3 percent, underscoring the broader uncertainty weighing on global markets

Oil prices edged higher on Friday, supported by worries over potential supply disruptions in Venezuela. Despite the uptick, the market remained poised for a weekly decline as traders remained cautious amid growing optimism surrounding a possible Russia-Ukraine peace agreement.

By 6:05 GMT, Brent crude futures were up 52 cents, or 0.85 percent, at $61.80 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 52 cents, or 0.90 percent, to trade at $58.12 a barrel. Both benchmarks declined by about 1.5 percent on Thursday.

Oil prices lose 3 percent this week
The United States is gearing up to intercept additional vessels carrying Venezuelan oil after seizing a tanker earlier this week, a move that signals a further tightening of pressure on Venezuelan President Nicolás Maduro. The latest seizure has heightened market concerns over potential supply disruptions.

So far this week, oil prices have declined by more than 3 percent, underscoring the broader uncertainty weighing on global markets. Analysts say the recent downturn is driven by a risk-off mood among investors and a muted outlook for oil demand.

The Federal Reserve’s interest rate cut this week, coupled with remarks from Chair Jerome Powell that were interpreted as less hawkish than expected, has injected further uncertainty into financial markets regarding the path of U.S. monetary policy.