Crude oil futures fall as market weighs risks from Venezuela and Iran.

At the beginning of this week, crude oil futures fell, as the market balanced the possibility of increased supply of Venezuelan crude oil and escalating tensions in the Middle East. Barclays' Amarpreet Singh stated in a report that although the situation in Venezuela has shifted from a threat of supply disruptions to "varying degrees of optimism about a potential rebound in oil production," the situation in Iran has deteriorated due to protest activities. "We believe this has already priced in a geopolitical risk premium of $3-4 per barrel," he added, noting that the threat of a strong crackdown on protest activities by US President Trump against Iran "has raised the risk of misjudgment, which could lead to a serious escalation of tensions in the Middle East." West Texas Intermediate crude oil fell 0.6% to $58.74 per barrel, while Brent crude oil fell 0.5% to $63.02 per barrel.