Oil Prices Rise Slightly As Uncertainty Reigns

US crude futures are inching higher, up 0.1% at $86.75 a barrel as uncertainty remains high amid questions over geopolitics and global oil supplies. The conflict in Israel and Gaza, and Iran’s possible involvement, could lead to tighter sanctions on Iranian crude, which along with the violence-related risk premium could add even more price support. But at the same time, the US is considering reducing sanctions on Venezuela if it agrees to “fair” elections in 2024. Peter Cardillo at Spartan Capital says a deal with Venezuela “may serve as shield from prices exploding due to the Middle East conflict situation for now.” Brent crude is also showing little movement, up 0.3% at $89.92.