Brent crude oil hovered around $63.86 per barrel on Monday, as market attention remained on developments in Iran and Venezuela, which continued to underpin supply-side uncertainty. In Iran, nationwide demonstrations, the largest since 2022-23, kept traders cautious amid concerns that any escalation could disrupt exports from the region. Meantime, uncertainty surrounding Venezuela’s crude shipments persisted, particularly as changes in U.S. policy and sanctions clouded the outlook for its oil flows, adding to broader supply risks. Last week, oil prices posted modest gains, with WTI up 1–2% and Brent following suit, supported by geopolitical risk premiums. Yet upside momentum was capped by weak demand signals and ample inventories. Oil markets remain balanced between risks that support prices and structural headwinds from sluggish demand growth and elevated supply. Traders are closely monitoring economic data, inventory reports, and producer signals to gauge near-term direction.