RoydadNaft –  Oil prices rose on Monday as the United States intercepted a Venezuelan oil tanker in international waters, while tensions in Russia’s war against Ukraine remained elevated; these developments heightened fears of supply disruptions.

According to Roydad Naft, Brent futures rose by $1.11 (1.84%) to $61.58 per barrel, while U.S. WTI futures increased by $1.04 (1.84%) to $57.56 per barrel.

Markets are now taking the risk of disruption to Venezuelan oil exports more seriously due to U.S. sanctions; Venezuelan crude accounts for about 1% of global supply.

Increased supply from the U.S. and the OPEC+ group has largely offset concerns over supply disruptions, keeping Brent futures around $65 per barrel in the second half of 2025, although prices have declined in the past month due to oversupply worries.

Prices have also been supported by developments related to Venezuela and the ongoing Russia-Ukraine tensions, including a Ukrainian drone strike on a Russian shadow fleet vessel in the Mediterranean.

President Trump had announced a “total and complete” blockade of sanctioned Venezuelan oil tankers, and subsequent U.S. actions have intensified these concerns.

Meanwhile, peace talks between the U.S., Europe, and Ukraine in Florida have been described as “productive,” but Russian President Putin’s top foreign policy aide stated that changes proposed by Europe and Ukraine have not improved the prospects for peace.

Brent and WTI prices fell by about 1% last week.