Venezuela Deal Weighs on Oil Prices Amid Ongoing US-Iran Conflict

Oil prices dipped slightly on reports that Washington was close to gaining access to Venezuela's oil reserves and US companies could invest billions of dollars in Venezuelan oil fields. The news weighed on Brent futures, which shed nearly 5% for the week, settling at $88.24 a barrel.

The deal would allow the US government to secure a group of Venezuelan oilfields to be developed by American companies, according to Reuters. Analysts have warned that any actual supply increase will take time, given the large amount of development required in Venezuela's oil infrastructure.

Separately, Chevron was close to a deal to expand its operations in Venezuela by adding two new heavy-oil fields to its portfolio in the country, and Halliburton was in talks to bring its equipment to oil producers in Venezuela. Meanwhile, Bloomberg News reported that Venezuela was considering leaving the Organization of Petroleum Exporting Countries amid its growing ties with Washington.