Oil prices rose on Monday on supply concerns following the events that took place in Russia over the weekend.

A barrel of European benchmark Brent goes for USD 73.97 on Monday morning, up from USD 73.19 on Friday afternoon. US West Texas Intermediate simultaneously trades at USD 69.23, against USD 68.51.

A revolt from Russian mercenaries over the weekend sparked concerns of political instability in Russia and potential supply disruptions from one of the world’s largest oil producers, writes Reuters.

A confrontation between Moscow and the Russian paramilitary organization Wagner was avoided on Saturday when heavily-armed mercenaries withdrew from the Russian city of Rostov under a deal that put their rapid advancement on the capital to a halt.

The challenge has raised questions to President Putin’s grip on power and concerns about a possible disruption of Russian oil supply.

Consultancy Rystad Energy said in a note late on Sunday that it did not expect significant rise in oil as a result of the ”short-lived event,” writes Reuters. 

According to RBS Capital Markets analyst Helima Croft, there were concerns that Putin would declare martial law which would prevent workers from reporting to work at major docking ports and energy plants, which could stop millions of oil barrels from going out.

”It is our understanding that the White House was actively engaged yesterday in reaching out to key domestic and foreign producers about contingency planning to keep the market well supplied if the crisis impacted Russian output,” she said in a note on Sunday, according to Reuters.