RoydadNaft –  Oil prices rose on Monday as investors assessed the outcomes of talks between the U.S. and Ukrainian presidents regarding a potential agreement to end the war in Ukraine, as well as Middle East tensions that could disrupt supply.

According to Roydad Naft, Brent crude futures gained 63 cents, or 1.04%, reaching $61.27 per barrel (at 0443 GMT), while U.S. West Texas Intermediate crude rose 58 cents, or 1.02%, to $57.32.

Both benchmark prices had fallen more than 2% on Friday as investors weighed an impending global supply glut and the possibility of a Ukraine peace deal ahead of weekend talks between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump.

U.S. President Donald Trump said on Sunday that he and Ukrainian President Volodymyr Zelenskiy are “getting very close, perhaps very close” to an agreement to end the war in Ukraine, while acknowledging that the fate of the disputed Donbas region remains a key unresolved issue.

The two leaders spoke at a joint press conference late Sunday afternoon after meeting at Trump’s Mar-a-Lago resort. Trump said it will become clear “in a few weeks” whether negotiations to end the war will succeed.

The peace talks did not reach an agreement on territorial issues, so a Russia-Ukraine peace deal may remain deadlocked with no quick breakthrough, said Mingyu Gao, chief energy and chemical researcher at China Futures Co. Ltd.

The reason for the price increase also includes persistently high geopolitical tensions, as Russia and Ukraine continued striking each other’s energy infrastructure over the weekend, said Yang An, a China-based analyst at Haitong Futures.

“The Middle East has also been unsettled recently, with Saudi air strikes in Yemen and [references to] the country being in a ‘full-scale war’ with the U.S., Europe, and Israel. This may be what’s driving market concerns about potential supply disruptions,” Yang added.

WTI is expected to trade within a $55-$60 range, also considering U.S. enforcement actions against Venezuelan oil shipments and any fallout from the U.S. military strike against ISIS targets in Nigeria, which produces about 1.5 million barrels per day, IG analyst Tony Sycamore said in a note.