Oil prices strengthened on Monday as an attack on an oil pipeline pumping station in the Caspian Sea slowed flows from Kazakhstan, while investors monitored developments of a possible Moscow-Kiev ceasefire agreement that could ease sanctions and increase global supplies.

Kazakhstan is seeking discussions with Ukraine after an attack by its drones on Russian territory affected flows through its important crude export conduit.

The drone attack on the Caspian pipeline in Russia led to a 30% reduction in oil exports from Kazakhstan, reports the government-affiliated service UNITED24 Media in Kyiv. Following the drone attack on the Caspian pipeline's pumping station in Russia,