Oil prices rise on Monday

Oil prices rose on Monday as geopolitical tensions and supply concerns weighed on markets. Brent crude climbed 63 cents, or 1.04 per cent, to $61.27 per barrel, while US West Texas Intermediate (WTI) gained 58 cents, or 1.02 per cent, to $57.32.

Investors weighed talks between US President Donald Trump and Ukrainian President Volodymyr Zelenskiy, with Trump saying progress is being made, but territorial disputes in the Donbas region remain unresolved. Analysts caution that a quick resolution to the Russia–Ukraine conflict remains unlikely.

Market concerns were also driven by Middle East unrest, along with ongoing strikes on energy infrastructure in Ukraine. WTI is expected to trade between $55 and $60 per barrel amid these geopolitical risks and potential US actions affecting Venezuelan and Nigerian oil supplies.

Attribution: Reuters