Oil prices were edging up as traders await more clarity on the effect of U.S. sanctions on Russia. Brent crude was up 0.4% at $80.22 a barrel, while WTI was up 0.5% to $76.74 a barrel. Further gains are also being capped by reports of a potentially imminent cease-fire deal between Israel and Hamas.

Oil prices rose on Wednesday trimming losses from the previous day, as the focus turned back to potential supply disruptions from sanctions on Russian tankers, though gains were capped as the market awaited more clarity on their impact.