Oil prices climbed on Wednesday on worries that sliding output in sanctions-hit Russia, the world’s second-biggest oil exporter, will tighten supply after Moscow said peace talks to resolve its invasion of Ukraine had come to a dead end.
Brent crude futures rose 59 cents, or 0.6%, to $105.23 a barrel at 0053 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped 60 cents, or 0.6%, to $101.20 a barrel. Both contracts surged more than 6% in the previous session.
