Brent crude futures rose 27 cents, or 0.44%, to close at $62.21 a barrel. U.S. West Texas Intermediate crude futures rose 21 cents, or 0.36%, to settle at $58.46.
The U.S. seized an oil tanker off the coast of Venezuela, two U.S. officials told Reuters. The officials did not name the tanker and did not say specifically where the interdiction took place.
President Donald Trump later confirmed the seizure, though he didn’t provide additional details.
The seizure, led by the U.S. Coast Guard, further inflames prompt supply concerns in a market that was already worried about movements of Venzuelan, Iranian and Russian barrels, said Rory Johnston, founder of the Commodity Context newsletter. He added, however, that it does not immediately change the fundamental supply-demand balance.
Oil prices will likely react more sharply if the seizure is followed up by more such actions, said Ed Hayden-Briffett, oil analyst at Onyx Capital Group.