Simultaneous geopolitical flare‑ups in Venezuela, Iran and the Black Sea have pushed oil prices to a three‑month high, creating a treacherous environment for investors even as a large supply glut still looms over the market.

Vitol and Trafigura, armed with special U.S. licenses, are offering Venezuelan crude to Chinese and Indian refiners, marking a return to legal sales and a significant narrowing of the discount compared to previous illicit transactions.

Glencore (GLNCY) could gain from renewed Venezuelan oil flows and heavy crude demand. Read the latest analysis on the stock here.

Global oil trading houses have reportedly taken the lead in securing deals for Venezuelan crude, outpacing U.S. energy majors. Vitol, Trafigura Eye Venezuelan crude Despite President Donald Trump‘s announcement that U.

Jan ‌9 (Reuters) - ​The White House ‌is convening a meeting ​on Friday with major U.S. and ‍international oil companies to ​discuss potential investment ​in ⁠Venezuela’s energy sector, as the administration weighs ways to revive crude output in the sanctions-hit country, according to ‌a White House official.

WTI trades near $59 after a more than 4% drop erased most of this week’s gains. Crude remains below all major moving averages, with the 100-day EMA near $60.1.

The United States has completed its first sale of Venezuelan oil, valued at $500 million, according to an administration official.

Shell Plc said its oil trading performance worsened in the fourth quarter as crude prices slumped, adding to signs that Big Oil is heading into a tougher earnings season.

Equatorial Guinea, OPEC's smallest producer, is seeking $300 million in prepaid deals from commodity traders for future crude and LNG deliveries to finance its struggling oil and gas sector.