Oil prices rose by up to 1.5% on Monday after OPEC+ reaffirmed its plan to pause production increases in early 2026, while growing geopolitical risks unsettled traders.
Brent later traded at $62.99 a barrel, and U.S. WTI at $59.12.
The decision followed a Sunday meeting where OPEC+ stressed the need for “a cautious approach” and “full flexibility” to pause or reverse output changes.
Analyst Vivek Dhar said the move was expected, noting that “market worries of a growing glut” influenced the decision.
Fresh uncertainty also emerged after U.S. President Donald Trump hinted at closing Venezuelan airspace, a key oil-producing nation.
ING analysts warned the comments “added support to the market” by raising supply risks.
Tensions in Europe further lifted prices.
Ukraine said it struck a Russian oil refinery and two tankers bound for a Russian port, undermining recent optimism around a peace deal.
After talks in Florida, U.S. Secretary of State Marco Rubio described discussions with Ukrainian officials as “very productive,” while acknowledging more work is needed to end the war.
