Oil prices retained most of their previous gains as markets closely monitored U.S. President Donald Trump's next steps regarding Venezuela and assessed the impact of damage to a key crude export terminal in the Black Sea region.

After rising 1.3% in the previous session, Brent crude futures (BZ=F) hovered near $63 per barrel, while West Texas Intermediate (CL=F) traded above $59. Trump convened a meeting on Venezuela late Monday, with U.S. military forces gathering near the country and the president adopting increasingly tough rhetoric against Nicolás Maduro's government.

The escalating tensions have kept markets on edge, injecting a geopolitical risk premium into oil prices that partially offset concerns over rising oversupply. Risks have also extended to Russia and the Black Sea, where Ukraine has repeatedly targeted energy infrastructure of the OPEC+ producer.

Recent attacks include damage to a mooring facility at the Caspian Pipeline Consortium (CPC) terminal, the largest export route for Kazakh crude. The CPC stated the facility is "unable to continue any operational activities," reiterating its earlier announcement.

Meanwhile, U.S. envoy Steve Wittkoff arrived in Moscow on Tuesday for talks with Russian President Vladimir Putin, though prospects for a peace deal remain uncertain.

"Fresh geopolitical premiums and supply concerns are supporting the oil market," said Arne Lohmann Rasmussen, chief analyst at Global Risk Management. "However, the risk of oversupply persists in the coming quarters."