Doha: Oil prices edged higher in early Asian trading on Friday following announcements by the United States to increase economic pressure on Venezuelan oil shipments over the coming months and conduct air strikes against ISIS targets in north-west Nigeria. Brent crude futures rose by 24 cents, or 0.4%, to USD 62.48 a barrel, while US West Texas Intermediate (WTI) crude increased 23 cents, or 0.4%, to USD 58.58 a barrel.

According to Qatar News Agency, Venezuela and Nigeria are among the world's largest oil producers. Although most Nigerian oil fields are located in the south, the recent air strikes have added to geopolitical risks affecting supply. Despite the modest gains, oil prices are on track to record their largest annual decline since 2020. Market participants are weighing the outlook for US economic growth alongside potential supply disruptions, including those related to Venezuela.