New Delhi, Dec. 17 -- Oil prices climbed over 1.5% on Wednesday after U.S. President Donald Trump announced a "total and complete" blockade on all sanctioned oil tankers travelling to and from Venezuela, stoking renewed geopolitical tensions amid ongoing demand concerns.

Brent crude futures gained 87 cents, or 1.5%, to trade at $59.79 per barrel by 0730 GMT, while U.S. West Texas Intermediate crude advanced 85 cents, also up 1.5%, to $56.12 per barrel. However, crude oil prices remain below $60 per barrel.

"Crude oil extended its decline and made 5 years low in international market amid progress in Russia-Ukraine peace negotiations and weaker-than-expected U.S. economic data. Reports that Ukraine has shared a revised peace proposal with...