Petroleum prices rose on Wednesday after Israel attacked Hamas leadership in Qatar, Poland shot down drones and the U.S. made a push for new sanctions on buyers of Russian oil, but concerns over crude oversupply capped further gains.
Brent crude futures were up 63 cents, or 0.95%, at $67.02 U.S. a barrel, and U.S. West Texas Intermediate crude futures gained 65 cents, or 1.04%, to $63.28 a barrel.
Prices had settled up 0.6% in the previous trading session after Israel said it had attacked Hamas leadership in Doha.
Both benchmarks rose nearly 2% shortly after the attack, but then retraced much of their gains.
Elsewhere, geopolitical tensions also rose when Poland shot down drones during a widespread Russian attack in western Ukraine on Wednesday, marking the first time a NATO member fired shots in the war. However, there was no immediate threat of a supply disruption.
Meanwhile, U.S. President Donald Trump has urged the European Union to impose 100% tariffs on China and India as a strategy to pressure Russian President Vladimir Putin, according to sources.
China and India are major buyers of Russian oil, which has helped to support Russia’s coffers since it launched its invasion of Ukraine in 2022.
