Oil gains after sharp weekly drop

WTI crude oil futures rose to $57.7 per barrel on Monday, recovering part of last week’s more than 4% decline, as geopolitical uncertainty overshadowed concerns about oversupply.

The US ramped up pressure on Venezuela, seizing a tanker and imposing new sanctions on ships and associates of President Nicolás Maduro, while also expanding its military presence in the region.

Meanwhile, investors are monitoring developments in the ongoing Ukraine peace talks in Berlin, where US envoy Steve Witkoff said on Sunday that “a lot of progress was made.”

Despite the diplomatic efforts, fighting continues, with Ukrainian drone strikes targeting oil depots and refineries across several Russian regions, keeping Russian supply at risk.

Elsewhere, Iran said it had seized a foreign tanker in the Gulf of Oman over alleged fuel smuggling.