Oil prices rose about 2% on Wednesday on a large draw in U.S. crude stockpiles and potential supply disruptions from new U.S. sanctions on Russia, while a temporary halt to the war in Gaza limited the gains.

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.