NEW DELHI (Reuters) – Oil prices stabilised on Wednesday after hitting seven-year highs in the last session as it became clear the first wave of U.S. and European sanctions on Russia for sending troops into eastern Ukraine would not disrupt oil supplies.
At the same time, the potential return of more Iranian crude to the market, with Tehran and world powers close to reviving a nuclear agreement, also kept a lid on prices.
Brent crude rose 11 cents, or 0.01%, to $96.95 a barrel at 0730 GMT, after soaring as high as $99.50 on Tuesday, the highest since September 2014.
U.S. West Texas Intermediate (WTI) crude futures were up 6 cents, or 0.07%, to $91.97 a barrel, after hitting $96 on Tuesday.
