Oil prices rose for a second straight day on Friday amid growing global supply concerns.

Brent crude climbed to about $62.39 per barrel, while U.S. WTI rose near $58.11. Both benchmarks are on track for a third consecutive weekly gain.  

Prices jumped more than three percent on Thursday after recent declines, buoying market sentiment.

Brent has gained nearly 2.7 percent this week, and WTI has added over one percent. Traders said geopolitical risks are lifting prices despite expectations of oversupply in 2026.  

Analysts pointed to uncertainty over crude flows from Venezuela as a key driver.

The U.S. claims it will control Venezuelan oil exports indefinitely, prompting competition among major energy firms.

At the same time, unrest in Iran sparked fears of potential production disruptions.  

Unrest in Iran also weighed on markets after reports of nationwide internet outages during protests over economic hardship.

Meanwhile, broader geopolitical headlines, including concerns around the Russia–Ukraine conflict, added to market unease.  

Despite recent gains, analysts warned that rising global oil inventories could cap further price increases.

They said prices may struggle to climb unless geopolitical tensions escalate further. For now, markets remain balanced between risk premiums and supply fundamentals.