FX.co ★ Oil Prices Edge Higher On Supply Woes

Oil prices edged higher on Wednesday as investors took stock of rising geopolitical risks and the prospect of more supply disruptions.

Benchmark Brent crude futures rose 0.6 percent to $94.42 a barrel, while WTI crude futures were up 0.4 percent at $87.22.

Oil prices settled higher on Tuesday after news that oil supply to Hungary via the Druzhba oil pipeline has been temporarily suspended due to a fall in pressure.

Rising geopolitical tensions supported prices in European trade today, as ambassadors from the 30 NATO nations gathered in Brussels to hold emergency talks following a missile blast in Poland that killed two people.

While the Polish government blamed a Russian-made missile for the incident, U.S. President Joe Biden said it was "unlikely" that the missile was fired from Russia.

Biden and his allies promised support for the investigation into the incident that raised concerns about escalation in the Ukraine war.

Traders were also reacting to reports of an attack on an oil tanker off the coast of Oman on Tuesday night.

An oil tanker linked to an Israeli billionaire was attacked by a drone off the cost of Oman, the Associated Press reported, citing a Mideast-based defence official.