Oil prices edged up on Wednesday as investors awaited the next steps in talks to end the war in Ukraine, with sanctions on Russian crude remaining in place for now and the potential for further restrictions on buyers of its exports still looming.

Donald Trump has signalled his support for a package of security guarantees for Ukraine, including foreign boots on Ukrainian soil from around 10 European countries, in a new push to pressure Russian president Vladimir Putin into ending the conflict.

Ukrainian and Russian presidents Volodymyr Zelensky and Vladimir Putin looked set for a peace summit after fast-moving talks Monday between US President Donald Trump and European leaders that focused on the key issue of long-term security guarantees for Kyiv.

Oil prices rose on Wednesday as supply concerns are resurfacing while peace talks ending Russia's invasion of Ukraine are likely to take longer, leaving in place sanctions on Russian crude and raising the chance of further restrictions on its buyers.

Russia ’s army launched its largest aerial attack in a month on Ukraine hours after Donald Trump held fresh peace talks with Volodymyr Zelensky.