Doha: Oil prices climbed more than 1% on Wednesday, as investors anticipated little progress in peace negotiations over Ukraine, raising expectations that sanctions on Moscow will remain in place.

According to Qatar News Agency, Brent crude futures rose by 80 cents (1.2%) to $66.25 per barrel at settlement, while US West Texas Intermediate (WTI) crude gained 82 cents (1.3%) to close at $62.55. The market’s movement reflects investor sentiment regarding the ongoing geopolitical tensions, with many expecting the current sanctions against Russia to persist, potentially affecting global oil supply dynamics.

The anticipation of stagnant peace talks has continued to influence market behavior, as stakeholders closely monitor developments in Ukraine. The ongoing conflict and its implications for energy supplies remain central to global economic considerations, impacting both market stability and future pricing trajectories.