Oil prices rise on Monday

Oil prices rose on Monday as the US intercepted an oil tanker near Venezuela, raising fresh supply concerns. Brent crude climbed 46 cents, or 0.8 per cent, to $60.93 per barrel, while US West Texas Intermediate  (WTI) crude gained 46 cents, or 0.8 per cent, to $56.98.

Analysts said the rise is driven by US measures against Venezuelan oil, simmering Russia-Ukraine tensions, and a market adjusting after last week’s price drop. The US Coast Guard is pursuing another tanker in international waters near Venezuela, marking the third such operation in less than two weeks.