Price Movement

On Friday, Brent crude futures slipped 0.3% to $89.45 a barrel while West Texas Intermediate (WTI) futures declined 0.2% to $83.39 a barrel. Both contracts were projected to finish the week down between 4% and 5.5% despite a strong rebound on Thursday.

U.S.–Venezuela Access Deal

Reuters reported that the Trump administration is near finalising a long‑term agreement that would give the United States access to a portfolio of Venezuelan oil fields to be developed by American companies. The deal, expected to be signed soon, follows Washington’s ouster of President Nicolás Maduro and its subsequent control of Venezuela’s oil sector. Analysts cautioned that any tangible increase in supply would be delayed because of the extensive infrastructure development required in Venezuela.

OPEC Exit Consideration

Separate reporting indicated that Caracas is contemplating a withdrawal from the Organization of Petroleum Exporting Countries (OPEC). Such a move would constitute the second major exit for the producer group, after the United Arab Emirates announced its departure.

Hormuz and U.S.–Iran Tensions

Oil markets were also pressured by reports that Iran and Oman have agreed to allow limited traffic through the Strait of Hormuz. Iran said it was preparing a list of conditions for a broader reopening of the waterway, which historically supplied roughly one‑fifth of global oil before the U.S.–Iran conflict. Crude prices trimmed some of their weekly losses on Thursday after the Wall Street Journal noted that President Trump showed no interest in reviving the June peace accord with Iran. Tehran has repeatedly urged the United States to honour the terms of that agreement, which lapsed in early August.

Weekly Outlook

The combined effect of the Venezuela supply narrative, the potential OPEC exit, and mixed signals from the Hormuz negotiations kept Brent and WTI futures on a downward trajectory for the week, with market participants monitoring further developments on U.S. access to Venezuelan reserves and the geopolitical situation in the Persian Gulf.