Brent oil futures increased 0.56% to $93.90 by 9:46 PM ET (2:47 AM GMT) and crude oil WTI futures surged 0.07% to $91.97.
There has been rising concern that western sanctions on Russia for its activities in eastern Ukraine could hit energy supplies. But the United States has confirmed that there would be no influence on energy exports.
On Tuesday, a senior U.S. State Department official told the media that the sanctions that are being charged today and that could be imposed shortly are not targeting and will not target oil and gas flows.
On Tuesday, the sanctions from the United States, Britain, and the European Union were concentrated on Russian financial institutions.
Reaching nuclear agreement
Higher than 1 million barrels per day of crude from Iran might return, as diplomats expressed Iran and world powers were on the point of reaching an agreement to curb Tehran’s nuclear program.
ANZ Research analysts note that diplomats compromise that negotiations have reached the end game, signaling possible comfort for global oil markets.
The big unknown is how fast Iran could increase its exports, expressed Vivek Dhar, a Commonwealth Bank commodities analyst.
Underinvestment in oil infrastructure has forced other members of the Organization of the Petroleum Exporting Countries and their partners, named OPEC+, to stumble with meeting their production targets. Dhar feels Iran might encounter the same issue.
