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The geopolitical tensions surrounding Iran have raised concerns about disruptions to oil supplies. As a result, prices of almost all types of commodities rose significantly in the international market yesterday. Reuters reports.

Brent, the international benchmark for crude oil, rose $1.6 cents, or 1.7 percent, to $64.93 a barrel yesterday, its highest since mid-November. Meanwhile, West Texas Intermediate (WTI), the U.S. benchmark, reached $60.52 a barrel, up 1.7 percent, or $1.2 a barrel, from the previous day.

“Geopolitical risks are driving oil prices higher yesterday,” said John Evans, an analyst at PVM Oil Associates, an energy market analyst and broker.

He also cited the possibility of Iran’s exclusion from the export market, uncertainty surrounding Venezuela, discussions on the Russia-Ukraine war and tensions surrounding Greenland.

Iran, one of OPEC’s top oil producers, is currently facing its biggest anti-government protests in recent years. According to human rights organizations, hundreds of people have been killed and thousands have been arrested in the crackdown on the anti-government movement. In this context, US President Donald Trump has threatened military action.

Trump said on Monday that any country doing business with Iran will be subject to a 25 percent tariff on all trade conducted in the United States. It is worth noting that Iran exports a large portion of its oil to China.

According to LSEG, the premium of Brent crude to the Middle East benchmark Dubai on Thursday reached its highest since July as geopolitical tensions over Iran and Venezuela increased.

Barclays said in a note that oil prices could rise by about $3-4 per barrel due to instability in Iran.

Meanwhile, the market is increasingly likely to receive additional oil supplies from Venezuela. After President Nicolas Maduro was ousted, Trump said last week that Caracas could hand over about 50 million barrels of oil under Western sanctions to the United States.

US investment bank Goldman Sachs said that oil prices could gradually rise if the market shortage occurs in 2027. In that case, Brent and WTI could average $58 and $54 per barrel, respectively, that year. This is $5 per barrel lower than previously forecast.

According to the Goldman Sachs note, prices could recover by the end of the decade as demand continues to grow until 2040. The average prices of Brent and WTI are expected to be $75 and $71 per barrel respectively by 2030-35, which is $5 per barrel lower than the previous forecast.