Oil rose by more than 2.5% to close above $62

Oil drilling rigs

Oil prices rose at the close of trading today, Dec. 22, amid concerns about disruptions to global supplies due to tensions in Ukraine and Venezuela.

Brent crude futures for February delivery rose 2.65%, or $1.60, to $62.07 a barrel. WTI crude oil futures for February delivery jumped 2.64%, or $1.49, to $58.01 a barrel.

The main support for prices came from the US Coast Guard's attempt to intercept an oil tanker on Dec. 21, which officials said was part of Venezuela's sanctions evasion operations. This is the third such incident this month.

This comes after the US last week imposed a blockade on sanctioned oil tankers entering and leaving Venezuela.

Regarding geopolitical developments in Eastern Europe, Russian local authorities reported that a Ukrainian drone attack damaged two ships and two piers, and caused a fire in a village on the Black Sea coast.

US Special Envoy Steve Wittkopf announced yesterday that talks held between US, European and Ukrainian officials in Florida over the past three days to end the Russian war in Ukraine focused on unifying positions.

Meanwhile, the top foreign policy advisor to Russian President Vladimir Putin said that the amendments made by the Europeans and Ukrainians to the American plan had not improved the chances for peace.