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Commodity News Details
Oil rallies as Venezuela supply fears fade, Iran risks rise
09-Jan-2026 13:00
Crude oil prices climbed above $58 per barrel on Friday, extending gains for a third straight week as concerns over a potential surge in Venezuelan supply eased. The move came after the US Congress advanced measures aimed at limiting military intervention in Venezuela, reducing the likelihood of abrupt policy actions that could disrupt global oil flows. At the same time, ongoing political unrest in Iran injected fresh geopolitical risk into the market, supporting prices amid fears of broader regional instability. In the domestic market, MCX crude futures tracked global strength, rising over 2%, as sentiment remained underpinned by easing supply fears and heightened geopolitical uncertainty.

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