London – Oil prices continued their gains on Monday. Fears of crude supply disruptions from Iran increased. This was due to rising protests in the OPEC member state. Efforts to quickly resume oil exports from Venezuela limited the pace of price increases. Brent crude futures rose by 0.1%. They reached $63.45 per barrel. U.S. West Texas Intermediate (WTI) crude also climbed by 0.1%. It settled at $59.22 per barrel. Meanwhile, Venezuela is expected to resume its oil exports soon. This follows the ousting of President Nicolas Maduro.
Last week, U.S. President Donald Trump made an announcement. He stated the Caracas government would deliver up to 50 million barrels of sanctioned oil. This oil would go to the United States. Four sources familiar with the operations reported these developments. They sparked a race among global oil companies. Companies are securing tankers. They are preparing safe crude oil transfers from Venezuelan ships and ports. These facilities suffer from deteriorating infrastructure. In this context, Trafigura announced its plans. The company held a meeting with the White House on Friday. Its first tanker will begin loading oil next week.