Oil prices rose on Monday as investors awaited the results of talks between the American and Ukrainian presidents regarding a potential agreement to end the war in Ukraine, in addition to Middle East tensions that could affect supplies.
Brent crude futures gained 63 cents, or 1.04%, to reach $61.27 per barrel, while U.S. West Texas Intermediate crude rose 58 cents, or 1.02%, to reach $57.32 per barrel.
Close to reaching an agreement in Ukraine
The American president said on Sunday that he and Ukrainian President Volodymyr Zelenskyy are “getting very close” to reaching an agreement to end the war in Ukraine, while acknowledging that the fate of the disputed Donbas region remains a major outstanding issue.
The two leaders spoke at a joint press conference yesterday, Sunday, after their meeting at the president’s Mar-a-Lago resort in Florida, stating that it will become clear “within a few weeks” whether the negotiations to end the war will succeed.
Oil
Oil is not a specific place or cultural site, but a natural resource. Historically, its modern extraction and refining began in the mid-19th century, most notably with the first commercial oil well drilled in Pennsylvania, USA, in 1859. Its discovery and use have profoundly shaped global industry, geopolitics, and economy.
Ukraine
Ukraine is a country in Eastern Europe with a rich history dating back to the medieval state of Kyivan Rus. It has experienced periods of independence as well as rule by various empires, before re-establishing its sovereignty with the dissolution of the Soviet Union in 1991. The nation is known for its distinct cultural traditions, Orthodox Christian heritage, and significant agricultural and industrial regions.
Middle East
The Middle East is a transcontinental region centered on Western Asia and Egypt, historically home to some of the world’s earliest civilizations, including Mesopotamia and Ancient Egypt. It is the birthplace of major Abrahamic religions—Judaism, Christianity, and Islam—and has been a central crossroads of trade, culture, and empires for millennia, from the Persians and Ottomans to the modern era shaped by the discovery of oil and geopolitical conflicts.
Brent crude
Brent crude is a major trading classification of sweet light crude oil that serves as a key global price benchmark. It originates from the Brent oil field in the North Sea, which began production in the 1970s. The term now refers to a blend of oils from several North Sea fields and is central to pricing much of the world’s crude oil.
U.S. West Texas Intermediate crude
“U.S. West Texas Intermediate (WTI) crude” is not a physical place or cultural site, but a major classification and pricing benchmark for crude oil. It originated from oil fields in Texas and the surrounding U.S. region, and its price is set at the trading hub in Cushing, Oklahoma. WTI’s history as a key benchmark reflects the central role of the U.S. oil industry in global energy markets.
Donbas
The Donbas is a historical, cultural, and economic region in eastern Ukraine, primarily encompassing the Donetsk and Luhansk oblasts. It rose to major industrial prominence in the late 19th and 20th centuries as a crucial center for coal mining and steel production within the Russian Empire and later the Soviet Union. Since 2014, the region has been the focal point of a protracted armed conflict following Russia’s annexation of Crimea and the outbreak of war.
Mar-a-Lago
Mar-a-Lago is a historic resort and national landmark in Palm Beach, Florida, originally built as a private estate for cereal heiress Marjorie Merriweather Post between 1924 and 1927. It was designed in a Spanish, Venetian, and Moorish architectural style and later became a property of the U.S. government before being purchased by Donald Trump in 1985, who converted it into a private club.
Florida
Florida is a southeastern U.S. state known for its extensive coastline, theme parks, and unique Everglades ecosystem. It was first colonized by Spain in the 16th century, changed hands between Spain and Britain, and became a U.S. territory in 1821 before achieving statehood in 1845. Its history is deeply shaped by Native American cultures, Spanish colonial influence, and later waves of migration.
