NEW YORK (Reuters) — Oil prices rose up on potential disruptions from a US embargo of Venezuelan ships, as the market awaits word on a possible Russia-Ukraine peace accord.
Brent futures jumped 65 cents, or 1.1%, to close at $60.47 per barrel, while US West Texas Intermediate (WTI) oil gained 51 cents, or 0.9%, to $56.66.
Brent and WTI are down approximately 1% this week, after falling almost 4% the previous week.
In other energy markets, the recent decline in US gasoline futures to a four-year low has reduced 321- and gasoline crack spreads, which represent refining profit margins, to their lowest level since February.
“The (oil) complex is posting small gains in holding above lows established earlier this week as it awaits further guidance regarding Ukraine/Russian peace talks as well as fresh headlines out of Venezuela as to the potential impact of the apparent Trump tanker blockade,” analysts at energy advisory firm Ritterbusch and Associates said in a note.
As US President Donald Trump aims to end Europe’s worst conflict since World War II, it was up to Ukraine and Europe to take the next steps toward peace.
On Friday, Putin refused to budge on his criteria for ending the war in Ukraine, accusing the EU of attempted “daylight robbery” of Russian assets.
Ukraine, meanwhile, used airborne drones to strike a Russian “shadow fleet” oil tanker in the Mediterranean Sea for the first time, according to an official, demonstrating the increasing ferocity of Kyiv’s operations against Russian oil transportation.