Global oil prices continued to fluctuate, rising on Wednesday after a previous decline. The main reason for the increase was increased concerns about possible oil supply disruptions related to sanctions affecting Russian tankers. However, price gains remained limited due to market expectations for further clarity on the sanctions.

Brent crude futures rose 51 cents, or 0.6%, to $80.43 a barrel, recovering some of their losses after falling 1.4% in the previous trading session. Meanwhile, U.S. West Texas Intermediate crude rose 64 cents, or 0.8%, to $78.14 a barrel, offsetting an earlier 1.6% decline.

Oil prices fell the day before after the U.S. Energy Information Administration said oil will be under pressure over the next two years due to an excess supply over demand. This added to market uncertainty, but Wednesday’s gains were in response to concerns about potential supply disruptions from Russia.

The market was further supported by a report that crude oil inventories in the United States, the world’s largest oil consumer, were drawing down. The American Petroleum Institute said the drawdown in U.S. crude inventories was adding to the market pressure, which could also weigh on price dynamics.

Further changes are also expected in the oil market. Brent crude is expected to fall 8% to $74 per barrel in 2025, before falling further to $66 per barrel in 2026. WTI crude oil is expected to be priced at $70 per barrel in 2025, falling to $62 in 2026.

Against this backdrop, the market remains awaiting clearer guidance on how sanctions and other economic factors will affect global oil supply and demand.