Oil extends gains as traders weigh Iran risks and Venezuela

West Texas Intermediate traded above $58 a barrel after a 3.2% gain in the prior session, and Brent settled near $62; traders cited Iran tensions and Citigroup said annual commodity index rebalancing is expected to return cash to oil markets.

Oil prices rose, with West Texas Intermediate trading above $58 a barrel after a 3.2% gain in the previous session. Brent crude settled near $62 a barrel. Traders cited geopolitical developments in Iran and ongoing concerns about Venezuela. Citigroup said annual commodity index rebalancing is expected to return cash to oil markets. Key facts: - West Texas Intermediate climbed above $58 a barrel after a 3.2% gain in the prior session. - Brent crude settled near $62 a barrel. - The article reports former President Donald Trump warned he would strike Iran "hard" if Iranian authorities killed protesters. - Citigroup said annual commodity index rebalancing is expected to send cash back into oil markets. - Traders are also watching developments in Venezuela. Summary: Prices advanced amid geopolitical attention and expected index flows, supporting recent gains. Undetermined at this time.