Oil prices react to supply concerns from Iran and Venezuela

Oil prices are fluctuating as traders and analysts assess potential supply disruptions from two major producers, Iran and Venezuela. Concerns about political unrest in Iran are seen as a bigger risk to global oil supplies than issues in Venezuela, according to some market observers. At the same time, shipments from Venezuela have resumed, which has temporarily paused price gains, while Chinese refiners are reportedly preparing to replace Venezuelan oil with Iranian crude.