Oil prices settled higher on Monday after the U.S. Coast Guard tried to intercept an oil tanker in international waters near Venezuela a day earlier, and Ukraine damaged two vessels and piers
Oil prices settled higher on Monday after the U.S. Coast Guard tried to intercept an oil tanker in international waters near Venezuela a day earlier, and Ukraine damaged two vessels and piers in Russia, raising the risk of oil supply disruptions.
Brent crude futures gained $1.60, or 2.7%, to settle at $62.07 a barrel, while U.S. West Texas Intermediate crude futures rose $1.49, or 2.6%, to settle at $58.01 a barrel.
The U.S. Coast Guard tried to intercept an oil tanker on Sunday that U.S. officials said is part of Venezuela's illegal sanctions evasion, the third such operation this month. The pursuit followed U.S. President Donald Trump's announcement last week of a blockade of oil tankers under sanctions entering and leaving Venezuela.
Market participants see a risk of disruption to Venezuelan oil exports because of the U.S. embargo, having previously downplayed the risk, said UBS analyst Giovanni Staunovo.
Venezuelan crude accounts for 1% of global supply, and most of it is bought by China. Beijing on Monday said the U.S. seizure of another country's ships is a serious violation of international law, after the U.S. on Saturday intercepted a China-bound oil tanker off the Venezuelan coast.
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