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Brent crude futures for December delivery rose to $105.68 a barrel on Monday, reversing earlier losses despite President Donald Trump's declaration of an "energy ceasefire" between Russia and Ukraine.
West Texas Intermediate futures for November also climbed 0.95% to $92.72 per barrel. Both benchmarks had fallen by approximately 1.5% earlier in the session before the reversal.
The price movement followed Trump's Sunday social media statement, in which he announced that Russia and Ukraine had agreed to an immediate energy ceasefire.
Ukrainian President Volodymyr Zelenskyy welcomed the proposal on Monday but cautioned that Moscow must also comply with the terms.
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