Oil prices edged lower and while stricter enforcement of sanctions on Iran could put as much as 1 million barrels a day of oil supply at risk, the reduced flows from Iran won’t help lower prices, according to ING.

A Ukrainian drone attack overnight sparked a fire at an oil depot in Russia's southern region of Krasnodar, its governor said early on Wednesday, with 55 people fighting the blaze. A series of drone attacks by Ukraine on Russia's energy facilities have sparked fires in recent days at a major oil refinery in the Volgograd region,