Oil prices rose today after the US intercepted an oil tanker in international waters off the coast of Venezuela and tensions in Russia’s war against Ukraine remained high, with both developments raising fears of supply disruption.
Brent crude futures climbed $1.31, or 2.17%, to $61.78 a barrel this afternoon, while US West Texas Intermediate (WTI) crude gained $1.25, or 2.2%, reaching $57.77 a barrel.
Market participants cited the US embargo on Venezuelan oil as a key factor driving the gains. “There is now a risk of disruption to Venezuelan oil exports, having previously been somewhat complacent in that regard,” said UBS analyst Giovanni Staunovo. Venezuelan crude represents about 1% of global supply, but the possibility of interrupted shipments has added pressure to an already volatile market.
Oil prices had been largely supported by growing production from the US and OPEC+ producers, which kept Brent futures around $65 a barrel in the second half of 2025. Prices eased in recent weeks due to concerns over oversupply, but developments off Venezuela have shifted market sentiment. “Oil prices have been supported by developments off Venezuela while Russia-Ukraine tensions simmer in the background in an otherwise very bearish market,” said June Goh, analyst at Sparta Commodities.
The US Coast Guard is pursuing an oil tanker in international waters near Venezuela, marking the second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters. President Donald Trump’s recent announcement of a “total and complete” blockade of sanctioned Venezuelan oil tankers further heightened concerns about potential disruptions.
Meanwhile, conflict-related news from Ukraine also influenced markets. Reports emerged of a Ukrainian drone strike on a Russian shadow fleet vessel in the Mediterranean, adding to uncertainty over global supply routes. IG analyst Tony Sycamore noted that these combined geopolitical risks contributed to the rebound in oil prices, after Brent and WTI benchmarks fell roughly 1% last week.
US special envoy Steve Witkoff said talks between US, European, and Ukrainian officials in Florida over the past three days aimed at ending Russia’s war in Ukraine focused on aligning positions. He described the discussions with Russian negotiators as productive. However, the top foreign policy aide of Russian President Vladimir Putin indicated that modifications made by Europeans and Ukraine to US proposals had not improved prospects for peace, keeping the conflict a source of market uncertainty.
Analysts caution that while Venezuelan crude represents a small portion of global supply, the risk of even minor disruptions can ripple through an already sensitive oil market. If tensions persist, market watchers say prices could remain volatile in the near term, responding to both geopolitical developments and production adjustments from key exporters.
