Oil prices were steady in trading on Tuesday, as market participants assessed the risks stemming from Ukrainian drone attacks on Russian energy sites, as well as escalating tensions between the United States and Venezuela.
Brent crude futures settled at $63.22 a barrel. U.S. West Texas Intermediate crude rose 0.1% to $59.41 a barrel.
Both benchmark crude oils had risen by more than 1% on Monday.
The Caspian Pipeline Union said on Monday that it had resumed oil shipments from one of its Black Sea terminals, following a major Ukrainian drone attack on November 29.
A note from analysts at Ritterbusch & Associates stated that the military escalation reinforces our view that a peace agreement remains unlikely in the near term, and that diesel and gas markets are poised to rebound.
Ukrainian President Volodymyr Zelensky said on Monday that Kyiv's priorities are to preserve the country's sovereignty and obtain strong security guarantees, stressing that conflicts in the region remain among the most complex.
US envoy Steve Wittkopf is scheduled to brief the Kremlin on Tuesday.
ANZ Bank noted that the escalating US campaign against Venezuela is raising concerns about a potential further decline in oil exports.
A senior US official said President Donald Trump held talks with his top advisers to discuss ways to increase pressure on Venezuela and other issues.
Trump had stated on Saturday that the airspace over and around Venezuela should be considered completely closed, without providing further details.
