Oil prices were flat on Friday with both Brent and U.S. West Texas Intermediate moving only a few cents from their closing prices after the likelihood of a U.S. strike on Iran receded.
U.S. is securing higher prices for Venezuelan crude than those before Maduro's capture, said the U.S. Energy Secretary. His comments come as U.S. completed its first sale of Venezuelan oil valued at about $500 million.
Oil futures edged higher in early Asian trade on a likely technical recovery after WTI and Brent crude oil futures settled sharply lower on Thursday.
Crude oil volatility surged after a bullish reversal breakout, with the first pullback now testing former resistance as support while upside momentum remains vulnerable to deeper retracement risk.
Venezuela's interim President Delcy Rodriguez said on Thursday that she was submitting a proposal to reform the country's hydrocarbon law, as investors in the U.S. push for easier access to the South American country's oil industry.
India's Russian oil imports fell to their lowest level in two years in December, as Western sanctions pushed refiners to tap alternatives, lifting OPEC's share of imports to an 11-month high, trade data showed.
The crude oil market has pulled back on Thursday as the markets continue to see a lot of questions about Iran.
Russia's federal budget revenues from oil and gas dropped by 24% in 2025 to the lowest level since 2020, according to Finance Ministry data.
President Trump's Venezuelan oil imports serve U.S. energy strategy by optimizing Gulf Coast refineries designed for heavy crude while weakening adversaries.
Oil and natural gas prices turn volatile as US crude inventories jump, resistance holds on charts, and RSI signals fading momentum across energy markets.
The U.S. Justice Department said on Wednesday it sued to block a California law requiring oil and gas drilling to be separated from schools, homes and hospitals by buffer zones of more than half a mile (1 km).
Oil experts are factoring in the possibility of revolutionary upheaval in Iran as tensions with the U.S. flare back up.