New York: Oil prices approached the highest level in a week, driven by concerns about potential disruptions in oil supplies from the United States and Russia. This development comes as markets anticipate clarity on sanctions with Washington attempting to mediate a resolution to the ongoing conflict in Ukraine.

According to National Iraqi News Agency, Brent crude futures saw an increase of 16 cents, or 0.2%, reaching $76 per barrel, while US West Texas Intermediate crude futures rose by 36 cents, or 0.5%, to $72.21 per barrel. These benchmarks are on track for their highest closing prices since February 11.

Russia reported a significant reduction in oil flows through the Caspian Sea pipeline, a crucial route for Kazakh crude oil exports, which fell by 40% following an attack on an oil pumping station by Ukrainian drones. This incident highlights the ongoing vulnerability of oil supply routes amid geopolitical tensions.

In the United States, cold weather conditions have also emerged as a threat to oil supplies. The North Dakota Pipeline Authority projected a potential decline in production by as much as 150,000 barrels per day in the state, which ranks as the third-largest crude-producing region in the country.

The market continues to await US oil inventory data, with reports expected from the American Petroleum Institute later, followed by the US Energy Information Administration’s release on Thursday.