Brent crude oil prices surged 3.58% to $91.25 per barrel after the United States attacked an Iranian missile base on Larak Island, before Iran retaliated against attacks on US bases in Jordan.

President Trump revealed that the US has reached an agreement with Venezuela, gaining control of a majority stake in Venezuela's oil reserves of over 6.5 billion barrels without burdening taxpayers. The aim is to increase supply and depress oil prices amidst the ongoing war with Iran.

Iranian oil exports to China have been severely disrupted due to dwindling Asian supply, pushing prices from a discount to a premium of about $4 per barrel before the United States escalated sanctions.

Global oil prices surged to a three-week high, with Brent crude surpassing $91 again, as the US-Iran conflict remains unresolved, fueling geopolitical risk sentiment in the market.

Several Asian refineries are pushing for Saudi Aramco to consider changing their oil loading point from Yanbu on the Red Sea coast, which faces the risk of attacks by the Houthi rebels and makes it very difficult to find ships willing to navigate the dangerous waterway.

Indian refineries are rushing to lock in oil orders longer than usual in advance to cope with reduced Russian supply and uncertainty in the Strait of Hormuz, amid the risk of US sanctions.

OPEC+ has agreed to increase oil production by 188,000 barrels per day in September, ending the voluntary production cuts totaling 1.65 million barrels per day that have been in place since 2566.