Oil prices rose on Monday as investors weighed the outcome of talks between the United States and Ukrainian presidents about a possible agreement to end the war in Ukraine. The discussions, held at President Donald Trump’s Mar‑a‑Lago resort in Florida, focused on ending the conflict, but the status of the disputed Donbas region remains a sticking point. Trump said the two leaders are “getting a lot closer, maybe very close” to a deal, though he cautioned that the final result will be known “in a few weeks.”
Mingyu Gao, chief researcher for energy and chemicals at China Futures Co. Ltd., warned that a Russia‑Ukraine peace settlement could stall because of unresolved territorial issues. Meanwhile, broader geopolitical tensions are also pushing oil higher. Russia and Ukraine continue to strike each other’s energy infrastructure, Saudi air strikes in Yemen add to regional instability, and Iran has declared a “full‑scale war” against the United States, Europe and Israel.
These factors lifted Brent crude futures by 63 cents to $61.27 a barrel and U.S. West Texas Intermediate by 58 cents to $57.32. Prices had dropped more than 2 % on Friday amid fears of a global supply glut and the prospect of a Ukraine peace deal, but renewed tensions have revived concerns about possible supply disruptions.
Analyst Tony Sycamore of IG expects WTI to trade within a $55‑$60 range, noting that the market is also watching U.S. enforcement actions against Venezuelan oil shipments and the fallout from a U.S. military strike on ISIS targets in Nigeria, which produces about 1.5 million barrels per day.
The ongoing conflict in Ukraine and heightened Middle‑East tensions have significant implications for the global oil market. The situation remains uncertain, and investors will continue to monitor developments closely, as the outcome of the U.S.–Ukrainian negotiations will have a substantial impact on oil prices and the broader energy sector.
Comments are closed for this story.