Oil prices climbed on Monday after officials confirmed the US intercepted a tanker in international waters near Venezuela's coast, sparking supply disruption concerns.

February WTI crude futures on NYMEX rose $1.49 (2.63%) to settle at $58.01 per barrel. Brent crude gained $1.56 (2.58%) to $62.03 per barrel by 2:20 PM ET.

"The market is realizing the Trump administration is taking a hardline stance on Venezuelan oil trade," noted June Goh, senior oil analyst at Sparta Commodities. Venezuela accounts for roughly 1% of global supply.

"This geopolitical development, coupled with ongoing Russia-Ukraine tensions, is supporting oil prices in an otherwise fundamentally bearish market," Goh added.

US officials disclosed Sunday that Coast Guard vessels were pursuing another tanker near Venezuela - which if successful would mark the second such operation that weekend and third within two weeks.

According to IG analyst Tony Sycamore, the price rebound followed President Trump's announcement of a "full and complete" blockade on sanctioned Venezuelan tankers, alongside reports of Ukrainian drones attacking a Russian "shadow fleet" vessel in the Mediterranean.

Both Brent and WTI benchmarks had declined about 1% last week.

Separately, US envoy Steve Witkoff described weekend talks in Florida between US, European and Ukrainian officials as "productive" toward ending Russia's war, though a top Putin advisor dismissed proposed European/Ukrainian modifications to US peace terms as ineffective.