Oil prices rose Monday due to U.S. interception of a tanker off Venezuela, raising supply concerns. Brent up 0.8% to $60.93/bbl, WTI up 0.8% to $56.98/bbl. Geopolitical tensions in Russia and Ukraine add to price support

Oil prices edged higher on Monday amid renewed supply concerns after U.S. authorities reportedly intercepted an oil tanker in international waters near Venezuela.

Brent crude futures rose by 0.8%, or 46 cents, to $60.93 a barrel by 0400 GMT. U.S. West Texas Intermediate crude also increased by 0.8%, or 46 cents, reaching $56.98 per barrel.

According to June Goh, a senior oil market analyst at Sparta Commodities, the market is recognizing the Trump administration’s firm stance on Venezuelan oil trade. Goh noted that these geopolitical factors, along with ongoing tensions between Russia and Ukraine, are supporting oil prices in what would otherwise be a bearish market.

Officials told Reuters on Sunday that the U.S. Coast Guard is reportedly tracking an oil tanker near Venezuela, marking a potential third such operation in less than two weeks. The White House has not yet commented on the matter.

IG analyst Tony Sycamore pointed to geopolitical events, including President Trump’s blockade announcement on Venezuelan tankers and a Ukrainian drone attack on a Russian vessel in the Mediterranean, as triggers for the oil price rebound. Sycamore added that hopes for a lasting U.S.-brokered peace agreement between Russia and Ukraine are fading.

These factors are counteracting oversupply worries, and combined with last week’s false price dip, the risk balance is shifting towards an upward trend for crude oil.

Last week, Brent and WTI each experienced a 1% decrease, following a 4% drop the week prior.

U.S. special envoy Steve Witkoff stated on Sunday that recent talks in Florida with U.S., European, and Ukrainian officials, aimed at resolving the Russia-Ukraine conflict, focused on aligning positions and were productive, as were separate discussions with Russian negotiators.

However, a top foreign policy advisor to President Putin stated on Sunday that alterations by European and Ukrainian representatives to U.S. proposals have not improved the chances of reaching a peaceful resolution.