Sanctions on Venezuelan exports as well as non-extension of Iran sanction waivers could help oil prices rise higher, analysts said. Oil prices rose by 3 percent on Friday largely due to sanctions on Venezuelan oil exports by the US administration following political turmoil in the South American nation. “Geo-political factors will continue to play a significant role in oil prices. If the sanctions against Venezuela coincides with the non-extension of waivers against Iran at the same time it will have a profound upward effect on oil prices,” said Jaafar Al Taie, managing director of UAE based Manaar Energy Group speaking to Gulf News. He, however, said the surge in US shale oil production could offset supply shortages that could arise due to sanctions on Venezuela and Iran putting downward pressure on oil prices. “All depends if the Trump administration is going to time the sanctions to […]