Oil prices rose on Friday as the prospect of the U.S. intercepting more Venezuelan oil tankers deepened supply concerns, but remained on track for a weekly decline amid optimism over a possible Russia-Ukraine peace agreement.

The lawsuit filed Wednesday in Los Angeles Superior Court charges four oil companies with failing to properly clean up at least 227 idle or exhausted wells in the oil field near Baldwin Hills.

The projected surplus has narrowed due to lower OPEC+ production, but a large supply overhang continues to cloud the outlook, the International Energy Agency said.

Oil prices rose on Friday supported by concerns of Venezuelan supply disruptions, though they remained on track for a weekly drop amid cautious market sentiment and optimism over the prospects for a Russia-Ukraine peace deal.

Azerbaijan’s 2026 Oscar entry, about philanthropist, oil magnate and “father of the nation” Zeynalabdin Taghiyev, is resplendent in its conception as a period biopic with the scale of mid-century Hollywood epic.

The Organization of the Petroleum Exporting Countries left its oil-demand outlook unchanged as it prepares to pause output hikes in early 2026, but modestly raised its forecast for this year’s supply

The International Energy Agency trimmed its forecast of next year's global oil supply glut for the first time since May on Thursday, flagging higher demand prospects due to a stronger world economy and lower supply from nations under sanctions.

The International Energy Agency (IEA) cut its forecast for next year’s global oil surplus for the first time since May, citing stronger demand expectations and weaker supply from nations facing sanctions.