Oil Prices Climb as U.S. Blocks Venezuelan Tankers

Oil prices edged higher on concerns over potential supply disruptions following reports of a US blockade of Venezuelan oil tankers, as markets also awaited news on possible Russia-Ukraine peace talks.

Despite the gains, both Brent and WTI were down about 1% for the week.

Brent crude futures rose 65 cents, or 1.1%, to settle at $60.47 per barrel, while US West Texas Intermediate (WTI) crude gained 51 cents, or 0.9%, to settle at $56.66 per barrel, Scott DiSavino reported for Reuters.

Despite the gains, both Brent and WTI were down about 1% for the week, following declines of roughly 4% the previous week. In other energy markets, a recent drop in US gasoline futures to a four-year low pushed gasoline crack spreads — a measure of refinery profit margins — to their lowest levels since February.

“The oil complex is posting small gains while holding above lows established earlier this week as it awaits further guidance regarding Ukraine-Russia peace talks, as well as fresh headlines out of Venezuela concerning 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 seeks an end to Europe’s deadliest conflict since World War II, Russian President Vladimir Putin said the responsibility now lies with Ukraine and Europe to make the next move toward peace.

Meanwhile, European Union leaders agreed Friday to borrow funds to loan €90 billion ($105 billion) to Ukraine over the next two years to support its defense against Russia, rather than use frozen Russian assets — sidestepping internal divisions over an unprecedented financing plan.