Oil prices took a breather on Wednesday after surging to seven-year highs in the previous session as it became clear the first wave of U.S. and European sanctions on Russia for sending troops into eastern Ukraine would not disrupt oil supply.
At the same time, the potential return of more Iranian crude to the market, with Tehran and world powers close to reviving a nuclear agreement, also kept a lid on prices, which hit seven-year highs in the previous session.
Brent crude fell 13 cents, or 0.1%, to $96.71 a barrel at 0142 GMT, after soaring as high as $99.50 on Tuesday, the highest since Sept. 2014. U.S. West Texas Intermediate (WTI) crude futures fell 6 cents, or 0.1%, to $91.85 a barrel, after hitting $96 on Tuesday.
Prices jumped on Tuesday on worries that western sanctions on Russia for sending troops into two breakaway regions in eastern Ukraine could hit energy supplies, but the United States made it clear there would be no impact on energy exports.
