Overview
- Brent rose about 0.9% to roughly $61.21 and WTI gained 0.95% to $57.28 in early Asian trade on Monday.
- Prices had fallen more than 2% on Friday as markets weighed oversupply expectations and optimism around Ukraine peace talks.
- The IEA projects a roughly 3.84 million barrels per day surplus in 2026, reinforcing a bearish longer-term outlook.
- Russia and Ukraine traded weekend strikes on energy facilities, damaging Naftogaz’s Kherson heat and power plant and hitting Russia’s Syzran refinery.
- Trump and Zelenskiy reported progress toward a 20‑point framework but flagged territorial control as a key hurdle, while the U.S. ordered a two‑month quarantine on Venezuelan oil that analysts view as having limited market impact so far.