The oil price climbed on Monday. The disturbances of supplies linked to the escalation of tensions between the United States and Venezuela took precedence over fears of overproduction and the impact of a possible peace agreement between Russia and Ukraine.

At 4:29am GMT, the price of Brent was up 33% cents, or 0.54%, to $61.45 per barrel, and that of West Texas American Intermediate was at 57.75 dollars per barrel, up 31 cents, or 0.54%.

Both contracts have fallen by more than 4% the previous week, penalized by the expectations of a surplus in 2026. According to Tsuyoshi Ueno, senior economist at the Institute of Research NLI, “the peace talks between Russia and Ukraine have oscillated between optimism and caution, while tensions between Venezuela and the United States is stepping up, raising concerns about possible supply disruptions.”