Oil prices edged higher on Wednesday as the market weighed the potential impact of new U.S. sanctions on Russian oil.
Brent crude futures rose 16 cents, or 0.2%, to $80.08 a barrel by 1250 GMT, while U.S. West Texas Intermediate crude gained 26 cents, or 0.34%, to reach $77.76.
The International Energy Agency (IEA), in its monthly oil market report, said the latest U.S. sanctions could significantly disrupt Russian oil supply and distribution. However, the agency noted that the full effect on the oil market and access to Russian supply remains uncertain.
OPEC, in its forecast for 2026, projected global oil demand to rise by 1.43 million barrels per day (bpd), maintaining a similar growth rate as 2025. The group reaffirmed its long-term view that oil demand will continue to grow for the next two decades, contrasting with the IEA’s outlook, which anticipates demand peaking this decade due to the global shift to cleaner energy.
In the U.S., crude stocks fell by 2.6 million barrels last week, while gasoline inventories increased by 5.4 million barrels, and distillate stocks climbed by 4.88 million barrels, according to the latest data.
