Oil prices experienced an increase on Monday due to a recent revolt led by Russian mercenaries.

The uprising raised concerns regarding political instability in Russia and the potential impact on oil supply, considering Russia’s significant role as one of the world’s largest producers.

Both Brent and U.S. West Texas Intermediate (WTI) crude futures saw a 0.4% rise on Monday, although their earlier gains of up to 1.3% in early Asian trade were slightly reduced, Reuters reports.

At 0234 GMT, Brent was trading at $74.12 a barrel, up 27 cents, while WTI stood at $69.44 a barrel, showing an increase of 28 cents.

A potential clash between Moscow and the Russian mercenary group Wagner was averted over the weekend when the heavily armed mercenaries withdrew from the southern Russian city of Rostov under a negotiated deal, halting their swift advance toward the capital.

Nonetheless, this challenge has raised doubts about President Vladimir Putin’s control over the country and generated concerns about possible disruptions in Russian oil supply.

Written by staff