WTI crude oil futures rose to $57.6 per barrel on Monday, but remained close to their lowest level in nearly two months amid persistent concerns about oversupply, while investors monitor developments surrounding a new round of Ukraine peace negotiations. President Volodymyr Zelensky met with US President Donald Trump’s top envoys on Sunday for two days of talks focused on a US-backed proposal to end the war with Russia. Despite the diplomatic efforts, hostilities on the ground have continued, with Ukrainian drone strikes hitting oil depots and refineries across several Russian regions. Elsewhere, the US has intensified military presence in Venezuela, a key oil exporter, as President Trump ramped up pressure on the country. Meanwhile, Iran said it had seized a foreign tanker in the Gulf of Oman over alleged fuel smuggling.
