Oil prices rise as markets assess impact of Russian sanctions

Oil prices edged higher on Wednesday as the market weighed the potential impact of new U.S. sanctions on Russian oil.

Brent crude futures rose 16 cents, or 0.2%, to $80.08 a barrel by 1250 GMT, while U.S. West Texas Intermediate crude gained 26 cents, or 0.34%, to reach $77.76.

The International Energy Agency (IEA), in its monthly oil market report, said the latest U.S. sanctions could…