Brent crude oil futures rose more than 2% to $63.7 per barrel on Monday, the highest in over a week, after OPEC+ reaffirmed its decision to suspend production increases during the first quarter of next year. The group on Sunday confirmed the three-month halt initially announced in early October as it grapples with uneven demand trends and what it views as a potential oversupply next year. Traders also assessed fresh geopolitical risks after US President Donald Trump escalated his rhetoric against Venezuela over the weekend, warning that the country’s airspace should be considered “closed,” a threat he later softened. Still, the upside for crude prices remains capped by prospects for a Russia-Ukraine peace deal, which could pave the way for the lifting of sanctions on Russian oil and boost global supply. Oil prices recorded a fourth consecutive monthly decline in November, pressured by persistent concerns over a supply glut.