Oil prices rise amid concerns about supply disruptions from Venezuela

Oil drilling rigs

Oil prices rose in early trading today, Dec. 15, as markets assessed supply disruptions linked to escalating tensions between the United States and Venezuela.

Both oil grades lost more than 4% last week.

Brent crude was trading up 0.45% at $61.38 a barrel, at 09:01 am Makkah time. West Texas Intermediate (WTI) rose 0.45% to $57.69 a barrel.

The US is preparing to intercept more ships carrying Venezuelan oil as part of escalating pressure on President Nicolas Maduro, Reuters reported, citing sources familiar with the matter.

This comes after the Ukrainian army announced that it had attacked a major Russian oil refinery in Yaroslavl, northeast of Moscow, leading to a suspension of production.