Oil Prices Rise Over 1% Amid Ceasefire Uncertainty

Oil prices are up more than 1% on Wednesday as investors assess the prospects of a ceasefire between Israel and Iran.

Brent crude futures are up 1.3% or $0.86 to $68.01 a barrel. Meanwhile, U.S. crude is up 1.4% or $0.94 to $65.33 a barrel.

Oil prices fell sharply on Monday and Tuesday after a ceasefire was reached, having previously soared to five-month highs following reports of a U.S. attack on Iranian nuclear facilities over the weekend.

Crude oil prices are down more than 11% this week.