Oil prices experienced a significant surge, climbing over 3% on Thursday, January 8, 2026, marking a two-week high following two consecutive days of declines. This rebound was primarily driven by a confluence of geopolitical developments impacting global crude supplies, notably in Venezuela, Russia, Iraq, and Iran. In Venezuela, recent U.S. actions under President Donald Trump have dramatically reshaped the oil landscape. Reports indicate that the U.S. is moving to seize Venezuelan crude and redirect its exports, including efforts by the U.S. Coast Guard to intercept tankers. There were also discussions surrounding a potential $2 billion oil deal and the supply of U.S. goods to the South American nation, further complicating market dynamics. These interventions have raised concerns about the flow of Venezuelan oil, prompting major buyers like China to actively seek alternative sources from countries such as Iran and Russia. Simultaneously, supply worries intensified across key producing regions. In Russia, Ukrainian drone attacks targeting vessels and piers in the Black Sea region heightened fears of potential disruptions to oil exports. Adding to this, Iraq's government approved a plan to nationalize operations at the significant West Qurna 2 oilfield, a decision seen as an effort to circumvent potential disruptions from U.S. sanctions on Russia, yet it underscored the inherent fragility of global supply chains. Furthermore, Iran faced widespread anti-government protests coupled with a nationwide internet blackout, fueling investor concerns over possible interruptions to the country's crude output and export capabilities. This convergence of events in these critical oil-producing nations contributed to the pronounced upward movement in crude benchmarks, with Brent futures rising 3.4% and U.S. West Texas Intermediate (WTI) crude gaining 3.2%.