By: Zawya

Oil prices edged higher on Monday as markets weighed geopolitical developments, including potential progress in Ukraine peace talks and ongoing tensions in the Middle East. Brent crude futures rose 63 cents, or 1.04%, to $61.27 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 58 cents, or 1.02%, to $57.32.

The increase followed a more than 2% drop on Friday, when investors focused on looming global oversupply and the prospect of a peace deal in Ukraine ahead of weekend talks between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy. After their meeting at Trump’s Mar-a-Lago resort, Trump stated that the two sides were “getting a lot closer, maybe very close” to an agreement but acknowledged that the status of the disputed Donbas region remains a key sticking point.

Analysts noted that the absence of a breakthrough on territorial issues suggests a peace deal may not be imminent. Meanwhile, continued strikes on energy infrastructure in Russia and Ukraine, along with heightened tensions in the Middle East—including Saudi airstrikes in Yemen and Iran’s declaration of a “full-scale war” with the U.S., Europe, and Israel—have fueled concerns over potential supply disruptions.

IG analyst Tony Sycamore added that WTI is likely to trade within a $55–$60 range, with attention also on U.S. actions against Venezuelan oil shipments and any fallout from recent U.S. military strikes against ISIS targets in Nigeria, a producer of approximately 1.5 million barrels per day.