Oil prices extended gains on Tuesday as heightened concerns surrounding Iran and potential supply disruptions outweighed the prospect of increased crude supply from Venezuela.

Oil made headlines for plummeting prices in 2020 due to the impact of COVID-19. Here, we review what happened to oil prices in 2020.

"There are further indications that the ongoing protests are challenging the ability and willingness of Iranian security forces to crack down on the protests."

Oil exchange-traded funds opened higher on Tuesday, tracking a rise in crude futures as investors weigh the immediate supply impact from Venezuela and hedge their market exposure.

"open higher' meaning the general public will agree that this is a heightened political risk. In reality, if the US can assist the state oil company PDVSA but the increase in production will take months. Overall, increased Venezuela output has to be seen as a long-term negative..because crude demand is not increasing much in 2026.

Crude oil futures traded lower on Sunday evening as traders bet that the capture of Venezuelan strongman Nicolas Maduro by U.S. forces over the weekend would help boost supplies in the global market.