Baghdad: Oil prices rose in early trading on Monday after the United States intercepted an oil tanker in international waters off the coast of Venezuela earlier in the week. Brent crude futures rose 44 cents, or 0.73%, to $60.91 a barrel by 0141 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 40 cents, or 0.71%, to $56.92 a barrel.

According to National Iraqi News Agency, both Brent and WTI crude had experienced declines of about 1% the previous week, following a more substantial decrease of around 4% in the week starting December 8. The recent interception by the United States has influenced market sentiment, leading to the observed rise in oil prices.

The interception event has added a layer of complexity to the global oil market, which had been experiencing fluctuations in prices. The geopolitical tension associated with the interception is considered a factor contributing to the current price movements.