Mumbai, Jan. 22 -- According to the latest monthly report released by the International Energy Agency, crude oil markets experienced heightened volatility at the start of the New Year as geopolitical tensions surrounding Iran and Venezuela briefly pushed prices higher. Benchmark crude prices jumped by around $6 per barrel in early January, with Brent rising to about $66/bbl, before easing back toward $64/bbl as tensions moderated. North Sea Dated crude averaged $62.64/bbl in December, down $0.99/bbl month-on-month, marking a sixth consecutive monthly decline and the weakest level since early 2021.
The report highlights growing uncertainty around supply from Iran and Venezuela, where export volumes have already come under pressure. Iranian ...