Crude oil prices fluctuated within a narrow range as traders focused on U.S.-Iran tensions, a factor that overshadowed signals of rising global supply. Brent crude traded around $69 per barrel, after gaining nearly 1% on Wednesday. Despite U.S. President Donald Trump stating after a meeting with Israeli Prime Minister Benjamin Netanyahu that his goal was to reach a nuclear agreement with Tehran, traders remained concerned about the potential for military action and supply disruptions. So far this year, oil prices have risen every week except one, driven higher by geopolitical risks and supply disruptions. After intervening in Venezuela in January, the U.S. shifted its focus to Iran following a wave of protests that challenged the leadership of the Islamic Republic. Nevertheless, several banks maintain that global crude supplies are ample. Goldman Sachs Group noted that oversupply has begun to emerge, but primarily in regions with less influence on pricing. The International Energy Agency reported on Thursday that global petroleum inventories grew last year at the fastest pace since 2020, highlighting that the market has entered a period of oversupply, although this surplus is not evenly distributed worldwide. As U.S.-Iran tensions persist, the U.S. has deployed naval assets to the region. Following his meeting with Netanyahu, President Trump stated via social media that he prefers to reach a deal with Iran. However, he added that if an agreement cannot be reached, "we'll see what happens." Vandana Hari, founder of Vanda Insights, suggested that oil prices are likely to remain range-bound. Given the significant political obstacles to any lasting agreement, the room for price declines driven by diplomatic progress is limited. "More confrontational rhetoric or military posturing could push risk premiums higher, but gains may be capped unless a U.S. strike on Iran appears imminent," Hari said. Attention is also on oil flows from Venezuela. U.S. Energy Secretary Chris Wright stated during a media roundtable in Caracas that China has purchased some Venezuelan crude that was previously acquired by U.S. companies, though he did not provide details. He added that the so-called "oil quarantine" of the Latin American country has effectively ended.