Oil prices climbed on Monday as markets assessed the results of discussions between the U.S. and Ukrainian presidents over a possible agreement to end the war in Ukraine, alongside ongoing Middle East tensions that could threaten oil supplies.

As of 6:09 GMT, Brent crude futures rose 76 cents, or 1.25 percent, to $61.40 a barrel, while U.S. West Texas Intermediate crude rose 71 cents, or 1.25 percent, to $57.43 a barrel.

Both benchmark prices dropped by more than 2 percent on Friday as investors considered the prospect of a global supply surplus and the potential for a peace agreement in Ukraine ahead of weekend talks between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump.

Market sentiment was rattled on Friday as renewed diplomatic signals fueled expectations of a possible end to the nearly three-year-long war.

Trump said on Sunday that he and the Ukrainian President were making significant progress toward an agreement to end the war in Ukraine, though he noted that the future of the contested Donbas region remains unresolved.

Oil prices have also drawn recent support from heightened tensions between the United States and Venezuela. Washington has intensified pressure on Venezuelan crude exports, including actions aimed at shipments and buyers, restricting supply from the OPEC member.

WTI is expected to trade in a $55–$60 range, with markets also monitoring U.S. enforcement measures targeting Venezuelan oil shipments and potential repercussions from a U.S. military strike on ISIS targets in Nigeria, which produces around 1.5 million barrels per day, IG analyst Tony Sycamore said in a note.

Source: economymiddleeast