Oil futures are trading higher on Wednesday, with Brent futures gaining $1.18 at $107.82 a barrel and the United States West Texas Intermediate futures adding $1.15 to trade at $103.08 a barrel. Oil prices climbed as the United States and its allies prepared new sanctions against Russia over civilian killings in northern Ukraine, adding to supply concerns.
Furthermore, the United Nations has orchestrated a two-month truce between the Saudi-led coalition and the Houthi group aligned with Iran. The conflict has led to attacks on Saudi oil facilities, thereby adding to the existing supply disruption from Russia.
