Sri Lanka, Dec. 17 -- Oil prices climbed sharply on Wednesday after U.S. President Donald Trump ordered "a total and complete" blockade of all sanctioned oil tankers entering and leaving Venezuela, raising fresh geopolitical tensions at a time of concerns over demand.

Brent crude futures were up 53 cents, or 0.9 per cent at $59.46 a barrel at 0105 GMT, while U.S. West Texas Intermediate crude rose 55 cents, up 1 per cent, to $55.82 a barrel.

Oil prices settled near five-year lows in the previous session on progress in Russia-Ukraine peace talks, as a deal may see western sanctions on Moscow eased, freeing up supply even as the market grapples with fragile global demand.

Trump on Tuesday ordered a blockade of all sanctioned oil tankers ...