On Thursday, oil prices barely changed as the United States relaxed embargo on Venezuela to allow for greater global oil supply, but traders remained concerned that Israel's military operation in Gaza may degenerate into a larger regional conflict.

Brent futures dropped 0.2%, to $91.30 per barrel meanwhile US WTI added 0.2% to $87.45 per barrel.

The price per barrel for November, which expires on Friday, remained constant at $88.32. The two benchmarks dipped over $1 per barrel at their session lows.

Despite an appeal from U.S. President Joe Biden to allow the aid to get through, Egyptian relief trucks continued to block the only Gaza gate not under Israeli control as of Thursday.

A compromise was negotiated between the Venezuelan administration and the country's political opposition to assure free and fair elections in 2024, and the United States subsequently approved a six-month license allowing transactions in the OPEC member's energy sector.

The agreement is not anticipated to significantly increase Venezuela's oil production, but it might increase revenues by bringing back some international corporations to its oilfields and making its petroleum available to more consumers who can pay in cash, according to experts.

According to sources speaking to Reuters, the Organization of the Petroleum Exporting Countries (OPEC) has no immediate plans to respond to Iran's request, allaying worries about potential disruptions.