WTI crude oil futures rose to $56.9 per barrel on Monday, extending Friday’s gains as rising geopolitical tensions fueled concerns over potential supply disruptions. The US is reportedly pursuing another vessel near Venezuelan waters, intensifying President Trump’s blockade of the country. Washington has already seized two oil tankers this month, most recently on Saturday, amid a large US military buildup in the region. Meanwhile, Ukraine struck a Russian tanker in the Mediterranean Sea for the first time, following prior attacks on Lukoil facilities in the Caspian Sea. These incidents come amid ongoing diplomatic efforts to end the war between the two nations. US and Ukrainian officials described their talks in Miami on Sunday as “productive and constructive,” though no apparent breakthrough was announced. Despite these geopolitical factors supporting oil prices, crude remains on track for an annual decline, weighed down by expectations of a heavily oversupplied market.
