Oil prices were edging up as traders await more clarity on the effect of U.S. sanctions on Russia. Brent crude was up 0.4% at $80.22 a barrel, while WTI was up 0.5% to $76.74 a barrel. Further gains are also being capped by reports of a potentially imminent cease-fire deal between Israel and Hamas.

Oil prices rose on Wednesday as the market focused on potential supply disruptions from U.S. sanctions on Russian energy companies and tankers carrying Russian oil. Brent crude futures were up 65 cents,