Oil edges higher

Saturday, 10 January 2026 00:02 - - {{hitsCtrl.values.hits}}

Oil prices edged higher in early Asian trading yesterday, extending gains from the previous session as markets continued to factor in rising geopolitical risks across major producing regions and critical shipping lanes.

At the time of reporting, West Texas Intermediate (WTI) crude was trading at about $ 58.27 a barrel, up 0.85% or 49 cents. On Thursday, both WTI and Brent surged more than 3%, with Brent approaching the $ 62-per-barrel level.

Venezuela remained central to the risk premium after the US stepped up enforcement against sanctioned oil flows, seizing two Venezuela-linked tankers in the Atlantic on Wednesday. One of the vessels, operating under a Russian flag following a name change, was intercepted after weeks of pursuit. Market participants viewed the move, particularly the boarding of a tanker ostensibly under Russian protection, as a strong signal to so-called shadow fleets used to bypass sanctions.

Concerns over Iran also intensified, with protests spreading across the country and triggering a nationwide internet shutdown. Oil markets have grown wary that escalating unrest could prompt a supply disruption, especially after US President Donald Trump earlier warned that the US would intervene if peaceful protesters were harmed by the Iranian authorities.