Oil prices surged more than 3% due to the situation in Venezuela and supply concerns, reaching a two-week high.

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International oil prices rebounded on Thursday from two consecutive days of decline, surging more than 3% to a two-week high.

Although the United States plans to sell up to 50 million barrels of Venezuelan crude oil to domestic refiners and gasoline and distillate stocks in the U.S. have increased, investor assessments of the situation in Venezuela and concerns about supply disruptions in Russia, Iraq, and Iran have driven oil prices higher.

On Wednesday local time, U.S. Energy Secretary Chris Wright said in a media interview that Chevron is expected to rapidly expand its operations in Venezuela, and ConocoPhillips and ExxonMobil are also seeking to play a constructive role. However, energy consultancy Ritterbusch and Associates pointed out:

It may take years for large quantities of Venezuelan crude oil to enter the U.S. Gulf region.

Meanwhile, the market is closely watching supply risks in other major oil-producing countries. According to reports, a tanker bound for Russia was attacked by a drone in the Black Sea. Iraq is promoting the nationalization of the West Qurna 2 oil field due to U.S. sanctions on Russia's Lukoil, and Iran is facing nationwide protests and has imposed an internet blockade due to economic difficulties.

On Thursday, Brent crude futures settled up $2.03, or 3.4%, at $61.99 a barrel, the highest closing price for Brent crude since December 24 of last year. WTI crude futures rose $1.77, or 3.2%, to $57.76 a barrel.

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