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.

Friday's dramatic shift in oil trading patterns demonstrated yet again the susceptibility of oil traders to virtually anything U.S. president Donald Trump says or does; this time, the commodity rose almost 3 percent on the strength of the brash billionaire announcing that an armada was heading towards the Middle East, presumably to pressure Iran.

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

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.

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.

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.