Oil prices climbed more than 1% on Wednesday as traders weighed geopolitical risks surrounding Russia-Ukraine negotiations and ongoing U.S.–Iran discussions.
Brent crude rose 1.2% to $68.20 a barrel, while U.S. WTI gained 1.2% to $63.06 in mid-session trading.
A renewed risk premium followed the abrupt end of peace talks between Russia and Ukraine in Geneva after just two hours.
Ukrainian President Volodymyr Zelenskiy described the discussions as difficult, accusing Moscow of deliberately slowing progress toward ending the war.
Meanwhile, U.S.–Iran nuclear talks produced agreement on “guiding principles,” though officials cautioned that a final deal remains distant.
Iran briefly shut parts of the Strait of Hormuz, a critical global oil transit route, during military drills, heightening market sensitivity.
Analysts noted Tehran understands that major supply disruptions and a potential price spike toward $150 would be politically damaging for Washington.
Investors now await U.S. inventory data, with expectations of rising crude stockpiles but declining gasoline and distillate supplies.
