Oil prices edge higher as markets await Ukraine peace talks

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An oil field.

Oil prices rose in early Asian trading on Monday, 29 December 2025, as investors focused on anticipated peace talks between Russia and Ukraine, amid ongoing geopolitical uncertainty.

Brent crude futures climbed 57 cents, or 0.9%, to $61.21 a barrel by 01:12 GMT, while US West Texas Intermediate (WTI) crude gained 54 cents, or 1%, to $57.28.

Both benchmarks had fallen by more than 2% on Friday, as markets weighed concerns over a potential global supply glut against hopes of progress towards a peace agreement in Ukraine ahead of weekend talks between Ukrainian President Volodymyr Zelensky and US President Donald Trump, according to Reuters.

Analysts said the renewed price gains were largely driven by continued geopolitical tensions. “Russia and Ukraine continued to target each other’s energy infrastructure over the weekend, which is supporting prices,” said Yang An, an analyst at Haitong Futures.

Looking ahead, crude prices are expected to trade within a $55–$60 range, as markets monitor possible US action on Venezuelan oil shipments and assess the impact of any US military operations against Islamic State targets in Nigeria, a country producing around 1.5 million barrels of oil per day.



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