Doha: Oil prices rose on Wednesday as supply concerns resurfaced, with peace talks to end the war in Ukraine expected to take longer. The delay leaves existing sanctions on Russian crude in place and raises the likelihood of additional restrictions on its buyers. Brent crude futures were at $65.93 a barrel, up 14 cents, or 0.21%. US West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, rose 37 cents to $62.72 a barrel, up 0.59%. The more-active October contract was at $61.92 a barrel, up 15 cents.

According to Qatar News Agency, prices settled down more than 1% on Tuesday on optimism a deal to end the war seemed closer, which would mean easing sanctions on Russia and an increase in global supply.