Doha: Oil prices edged higher on Wednesday after falling to one-month lows in the previous session amid signs that Ukraine may be nearing a peace deal with Russia that would likely lead to the end of international sanctions on Russian supply. Brent crude futures rose 19 cents, or 0.3%, to $62.67 a barrel, while US West Texas Intermediate crude futures gained 14 cents, or 0.24%, to $58.09 a barrel. Both contracts settled down 89 cents on Tuesday.

According to Qatar News Agency, the recent movements in oil prices come as market participants closely monitor geopolitical developments between Ukraine and Russia. The potential resolution of the conflict is anticipated to ease tensions and could result in the lifting of sanctions, allowing Russian oil to re-enter the global market more freely. This development has been a key factor influencing the recent fluctuations in oil prices.

The prospect of a peace deal has introduced new dynamics into the energy market, with traders weighing the implications of increased Russian supply against current demand levels. Analysts suggest that the market is cautiously optimistic, reflecting the slight uptick in prices. The ongoing negotiations and their outcomes remain critical in determining future pricing trends.

Market observers continue to assess the situation, considering both the immediate impacts on supply and the broader geopolitical implications. The oil market's response highlights the interconnected nature of global politics and energy economics, with significant developments in one area capable of sending ripples across the industry.