(Bloomberg) -- Oil held onto its biggest daily gain since October, as Iran attempted to quell escalating protests while President Donald Trump threatened repercussions if demonstrators were targeted.

Brent futures extended Thursday’s 3.4% jump, trading above $62 a barrel. Tehran restricted internet and phone access overnight, with the US president saying the country’s regime would “pay hell” if protesters were killed.

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The unrest is the most significant challenge to Supreme Leader Ayatollah Ali Khamenei since a nationwide uprising in 2022. Protests are disrupting air travel in and out of the country, which produces more than 3 million barrels a day of crude.

The Iranian turmoil has begun to shift the focus away from Venezuela, where Trump said further attacks were canceled as the country is cooperating with Washington, which led to a brief dip in oil prices. Trump added that big oil companies will invest at least $100 billion to revive Venezuela’s oil industry ahead of a meeting with oil executives in Washington later Friday.

Oil futures are heading for a third weekly advance, though a big surplus this year is expected to put downward pressure on prices in coming months. Goldman Sachs Group Inc. said its clients are the most bearish on oil in 10 years.

“Crude remains caught in a complex dance between heightened geopolitical risk and rising inventory,” said Robert Rennie, the head of commodity research at Westpac Banking Corp.

Higher Venezuela flows and rising output elsewhere could see prices trading in the $50s through the first quarter, he added. Prices slumped 18% last year.

In an apparent response to President Trump’s comments on the protests in Iran, the country’s supreme leader said the US president should focus on running his “own country if capable.”

Iran was the focus of oil traders last year when the US bombed the country’s nuclear facilities. At that time oil prices spiked and then subsequently slumped as it became clear that output wouldn’t be affected.

--With assistance from Charlie Zhu and Sarah Chen.

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