Oil, Gold, Silver: 2026 Begins With Geopolitical Shock—Will US Attack On Venezuela Ripple Commodities?
For context, Venezuela holds world's largest proven oil reserves and therefore, experts see a gap-up opening in prices of oil, gold, silver and gasoline.
New year, new geopolitical shock on the horizon. The recent strikes on Venezuela by the United States have brought global commodity prices into the spotlight. Venezuela holds world's largest proven oil reserves and therefore, experts see a gap-up opening in prices of oil, gold, silver and gasoline.
Crude oil prices are expected to be lifted on account of possible supply disruptions from Venezuela. Additionally, safe haven demand for gold and silver may also be boosted in the wake of the sudden escalation in the crisis, Kaynat Chainwala, senior manager - commodity research at Kotak Securities said in a Moneycontrol report.
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Although, in the domestic market, impact is estimated to be limited since Venezuela’s economy is not too far-reaching. Though, early buying may weaken, analysts predict.
Anuj Gupta, director at Ya Wealth, told Mint that COMEX gold which settled at $4,345.50 per ounce, may move to $4,380 per ounce. Similarly, COMEX silver may trade near $75 to $78 per ounce, and Brent crude oil may move toward $62 to $65 per barrel.
The change in prices is also dependent on whether routes for oil supply are damaged or disrupted. However, most oil production and refining operations remained unaffected with PDVSA’s operations being normal after the strikes, as per a Reuters report.
The oil production in Venezuela had peaked near 1.14 million barrels per day in 2025.
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Roundup Of What Happened In Venezuela
US President Donald Trump announced on Saturday that his Venezuelan counterpart, Nicolas Maduro, had been captured along with his wife Cilia Flores and flown out of the country after a series of coordinated strikes hit capital Caracas.
Venezuelan authorities confirmed the capture, adding that the move was a part of the US efforts to seize control over the country's oil reserves. The Trump administration alleged that Maduro was funneling drugs and convicts into the US and accused him of terrorism.
Maduro had declared national emergency in Venezuela when reports emerged of airstrikes being carried out against its capital Caracas and marshalled defence troops on Saturday. A US official confirmed the news to Reuters regarding the strikes.
