Oil Prices Rise Amid U.S. Interception of Venezuelan Tanker

PUKMEDIA

Oil prices.

Oil prices climbed on Monday following reports that the United States had intercepted an oil tanker in international waters off the coast of Venezuela, fuelling concerns over potential supply disruptions.

By 09:18 GMT, Brent crude futures had risen by 52 cents, or 0.86%, to $60.99 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 50 cents, or 0.88%, to $57.02, according to Reuters.

The U.S. Coast Guard is pursuing an oil tanker in international waters near Venezuela in what would be the second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

The Brent and WTI benchmarks had both fallen by around 1% last week.

In diplomatic developments, U.S. special envoy Steve Witkoff said on Sunday that discussions between U.S., European, and Ukrainian officials in Florida over the past three days, aimed at ending Russia’s war in Ukraine, had focused on aligning positions. He described those meetings, along with separate talks with Russian negotiators, as productive.

However, a senior foreign policy aide to Russian President Vladimir Putin stated that amendments made by European and Ukrainian officials to U.S. proposals had not improved prospects for peace.



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