Oil prices strengthened on Monday as an attack on an oil pipeline pumping station in the Caspian Sea slowed flows from Kazakhstan, while investors monitored developments of a possible Moscow-Kiev ceasefire agreement that could ease sanctions and increase global supplies.

Oil futures were lifted Tuesday, ending with gains after a drone attack by Ukraine on a pipeline carrying crude from Kazakhstan across southern Russia curtailed flows.

Oil prices declined in Asian trading on Thursday following a one-week high, pressured by a surprise build in U.S. crude inventories and renewed geopolitical developments. Brent crude futures dipped 0.

Douglas McIntyre, Editor-in-Chief at Climate Crisis 24/7, reports that Ukrainian drone strikes on Russian oil refineries have caused oil prices to spike. A recent attack on a refinery processing 300,000 barrels per day led to a 2% price jump.

Oil prices increased on Wednesday due to disruptions in oil supplies in the U.S. and Russia. Markets are awaiting details regarding peace talks on Ukraine, according to brokers. A barrel of West Texas Intermediate crude for March delivery costs about $72 on the NYMEX in New York,

Oil prices are rising on Wednesday due to disruptions in oil supplies in the U.S. and Russia, and markets are awaiting details regarding peace talks on Ukraine, brokers report. A barrel of West Texas Intermediate crude for March delivery costs about $72 on NYMEX in New York,