Oil prices rose in early trading on Monday following the U.S. interception of an oil tanker in international waters off the coast of Venezuela earlier in the week.
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By 01:41 GMT, Brent crude futures increased by 44 cents, or 0.73%, to $60.91 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 40 cents, or 0.71%, to $56.92 per barrel.
Officials told Reuters on Sunday that the U.S. Coast Guard was also tracking another oil tanker in international waters near Venezuela, marking the second such operation early this week and the third in less than two weeks if successful.
Tony Sycamore, an analyst at IG, said the oil price recovery was driven by geopolitical developments, starting with U.S. President Donald Trump’s announcement of a “full and comprehensive” blockade on sanctioned Venezuelan oil tankers, followed by reports of a Ukrainian drone strike on a ship belonging to Russia’s shadow fleet in the Mediterranean.
Sycamore added, “The market is losing hope that the U.S.-mediated Russian-Ukrainian peace talks will reach a lasting agreement anytime soon,” noting that these developments help offset ongoing concerns about oversupply.
Brent and WTI crude had both fallen by about 1% last week, following roughly a 4% drop in the week starting December 8.
U.S. Special Envoy Steve Whitkov said on Sunday that talks held over the past three days in Florida with U.S., European, and Ukrainian officials aimed at ending the Russian war in Ukraine focused on aligning positions. He added that these meetings, along with separate discussions with Russian negotiators, were productive.
However, a senior foreign policy aide to Russian President Vladimir Putin said on Sunday that changes made by Europeans and Ukraine to the U.S. proposals for ending the war in Ukraine did not improve the prospects for peace.
Reuters
