Oil prices climb as US blocks Venezuelan tankers, eyes on Russia-Ukraine talks

Oil prices edged up on possible disruptions from a U.S. blockade of Venezuelan tankers as the market waits for news about a possible Russia-Ukraine peace deal and interest rate decisions from central banks around the world.

Brent futures rose 71 cents, or 1.2%, to $60.53 per barrel at 1:38 p.m. EST (1838 GMT), while U.S. West Texas Intermediate (WTI) crude rose 65 cents, or 1.2%, to $56.80.

That put Brent and WTI down about 1% so far this week after both crude benchmarks fell about 4% last week.

In other energy markets, a recent drop in U.S. gasoline futures to a four-year low cut 321- and gasoline crack spreads, which measure refining profit margins, to their lowest since February.

As U.S. President Donald Trump seeks an end to Europe's deadliest conflict since World War Two, the onus was on Ukraine and Europe to make the next move toward peace.

U.S. Secretary of State Marco Rubio on Friday told reporters that the United States is not concerned about an escalation with Russia when it comes to Venezuela, as the Trump administration builds up military forces in the Caribbean.