International oil prices rebounded on Thursday after two consecutive days of declines, with Brent crude jumping as much as 5% to hit a two-week high.

Despite U.S. plans to sell up to 50 million barrels of Venezuelan crude to domestic refiners and a rise in U.S. gasoline and distillate inventories, oil prices were driven higher by investor assessments of the developing situation in Venezuela and mounting concerns over supply disruptions in Russia, Iraq, and Iran.

On Wednesday, U.S. Energy Secretary Chris Wright stated in a media interview that Chevron is expected to rapidly expand its operations in Venezuela, with ConocoPhillips and ExxonMobil also seeking constructive roles. However, energy consultancy Ritterbusch and Associates noted:

“It could take years for significant volumes of Venezuelan crude to reach the U.S. Gulf Coast region.”

The market is simultaneously monitoring supply risks from other major producers. Reports emerged of a drone attack on a tanker bound for Russia in the Black Sea. Meanwhile, Iraq is moving forward with the nationalization of the West Qurna 2 oil field following U.S. sanctions on Russia’s Lukoil. In Iran, nationwide protests fueled by economic hardship have led to a widespread internet shutdown.

Closing Prices

On Thursday, Brent crude futures settled up $2.03, or 3.4%, at $61.99 per barrel, marking its highest close since December 24 of last year. WTI crude futures rose $1.77, or 3.2%, to settle at $57.76 per barrel.