Oil prices went up in global markets on Monday as worries grew over rising tensions in the Middle East. These tensions have raised fears that oil supplies could be disrupted. At the same time, problems continue to slow down any real progress toward a peace deal between Russia and Ukraine.
Brent crude oil increased by 60 cents, reaching $61.84 per barrel. U.S. West Texas Intermediate also climbed by 60 cents, trading at $57.34 per barrel.
This rebound comes after both oil benchmarks dropped more than 2% last Friday. At that time, markets were focused on the possibility of a global oversupply of oil. There was also some earlier optimism about peace talks after weekend discussions between Ukrainian President Volodymyr Zelensky and U.S. President Donald Trump.
Now, with geopolitical risks back in focus, oil prices are finding support once again.
