West Texas Intermediate (WTI) Oil price depreciates after three days of gains, trading around $64.00 per barrel during the Asian hours on Friday. However, WTI stayed on track for roughly 12% monthly gains, underpinned by a rising geopolitical risk premium. Geopolitical risks stayed elevated after Iran warned it would “defend itself and respond like never before” in reaction to fresh threats from US President Donald Trump, who urged Tehran to enter nuclear talks. The Trump administration loosened some sanctions on Venezuela’s Oil industry on Thursday to attract US investment after President Nicolas Maduro was removed earlier this month. Earlier this month, Oil prices also found support from production outages in Kazakhstan, US freeze-offs, and tighter US curbs on Russian Oil purchases, helping lift prices this year despite expectations of oversupply.