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However, amid expectations of ample global supply, prices are down about 20% this year and are heading for their steepest decline since 2020.

After Russia’s foreign minister said Moscow’s negotiating position would change following attacks on the residence of Russian President Vladimir Putin, uncertainty resurfaced over efforts to end the war in Ukraine.

Before the alleged attacks, the United States and Ukraine said they had made “major progress” toward finalizing an agreement, despite “challenging” issues remaining.

Meanwhile, reports said Venezuela has begun shutting wells in a key oil-rich region under the U.S. blockade. President Trump said on Monday that the United States struck a loading facility in the country.

Renewed escalation of tensions in the Middle East also fueled concerns of broader instability, with Trump warning of new strikes if Iran restarts its nuclear program.