Muscat: Brent crude futures climbed 70 cents, or 1.2 per cent, to $59.62 a barrel, while US West Texas Intermediate (WTI) crude rose 73 cents, or 1.3 per cent, to around $56.

The gains came a day after both global benchmarks closed near their lowest levels in five years, pressured by developments in Russian-Ukrainian peace talks. Market expectations that a potential agreement could ease Western sanctions on Moscow have raised the prospect of increased Russian oil supply at a time when global demand remains subdued.

However, sentiment shifted after President Trump ordered a blockade on all sanctioned oil tankers linked to Venezuela, a move that effectively tightens supply from the crisis-hit oil producer. Trump also said he now considers Venezuela’s ruling authorities a foreign terrorist organisation, further escalating tensions.