Ammon News - Oil prices climbed on Monday as supply disruptions linked to escalating U.S.-Venezuela tensions outweighed oversupply worries and the impact of a potential Russia-Ukraine peace deal.

Brent crude futures were up 33 cents, or 0.54%, at $61.45 a barrel, as of 0429 GMT, and U.S. West Texas Intermediate crude was at $57.75 a barrel, up 31 cents, or 0.54%.

Both contracts slid more than 4% in the prior week, weighed down by expectations of a surplus in 2026.

"Peace talks between Russia and Ukraine have swung between optimism and caution, while tensions between Venezuela and the U.S. are escalating, raising concerns about potential supply disruptions," said Tsuyoshi Ueno, a senior economist at NLI Research Institute.

Reuters