Oil prices continued to rise on Monday amid increasing worries that escalating protests in Iran might hinder supply from the OPEC producer, although attempts to swiftly restore oil exports from Venezuela are curbing price increases. Brent crude futures increased by 31 cents, representing a 0.49% rise, reaching $63.65 a barrel as of 0006. Meanwhile, U.S. West Texas Intermediate crude stood at $59.42 a barrel, reflecting an uptick of 30 cents, or 0.51%. Both contracts experienced an increase of over 3% last week, marking their most significant weekly gain since October, coinciding with Iran’s clerical establishment escalating its repression of the largest protests since 2022.

A rights group reported on Sunday that the civil unrest has resulted in over 500 fatalities. U.S. President Donald Trump has consistently indicated a willingness to intervene should force be employed against protesters. The president is anticipated to convene with senior advisers on Tuesday to deliberate on options regarding Iran, a U.S. official informed on Sunday. Daniel Hynes noted that there have also been calls for workers in the oil industry to down tools amid the protests.

The situation places at risk the disruption of at least 1.9 million barrels per day of oil exports,” they added. Venezuela is anticipated to recommence oil exports in the near future, following the removal of President Nicolas Maduro. Last week, Trump indicated that the government in Caracas is poised to transfer up to 50 million barrels of sanctioned oil to the United States.

This has initiated a competitive effort among oil companies to secure tankers and establish operations for the safe transportation of crude from vessels and deteriorating Venezuelan ports, according to sources. Trafigura indicated during a meeting with the White House on Friday that its initial vessel is expected to load within the coming week.