U.S. Treasury Secretary Scott Bessent said oil markets are well supplied amid the U.S.–Israeli conflict involving Iran, adding that the United States plans to make a series of additional announcements on the matter

U.S. President Donald Trump said he expects oil prices to decline as soon as his administration’s military operations in Iran come to an end

OPEC+ is likely to consider a larger oil production increase of 411,000 barrels per day at its upcoming meeting, two sources familiar with the group’s position said

The U.S. Department of the Treasury has eased restrictions allowing American companies to operate in Venezuela’s oil market, although under strict oversight and reporting conditions

The Energy Information Administration said in its Weekly Petroleum Status Report that gasoline stocks increased by 685,000 barrels to 257.9 million barrels for the week ended January 30

Oil prices could see further gains in 2026 as geopolitical risks continue to fuel volatility, HSBC said, although the bank added that market fundamentals should cap rallies and keep prices anchored in the mid-$60s range

The companies have been unable to export Venezuelan oil since the second quarter of last year, when President Donald Trump’s administration suspended the licenses

The chief executive of French oil major TotalEnergies, Patrick Pouyanné, said that the company is “assessing” options to return to Venezuela, but “it’s going to take some time to get a clear investment framework in place”

Oil prices are likely to fall this year as a wave of supply creates a surplus in the market, although geopolitical risks linked to Russia, Venezuela and Iran will continue to fuel volatility, Goldman Sachs said

U.S. President Donald Trump is promising incentives and compensation to oil companies that invest in Venezuela, but the industry remains hesitant due to a “lack of clarity” around support, political uncertainty, and the deterioration of Venezuela’s infrastructure