Oil prices edged up on Wednesday, finding some relief after falling in the past two sessions, as investors assessed the stability of a ceasefire between Iran and Israel.

Brent crude rose 75 cents, or 1.1%, to settle at $67.89 a barrel. U.S. West Texas Intermediate (WTI) crude rose 71 cents, or 1.1%, to settle at $65.08.

Brent closed on Tuesday at its lowest since June 10 and WTI since June 5, both before Israel launched a surprise attack on Iran's main military and nuclear facilities on June 13.

Prices had risen to a five-month high after the U.S. struck Iranian nuclear facilities over the weekend. The U.S. airstrikes did not destroy Iran's nuclear capabilities and only delayed them by a few months, according to a preliminary U.S. intelligence assessment, as a truce brokered by U.S. President Donald Trump took effect between Iran and Israel.

Earlier on Tuesday, Iran and Israel signaled that their air war was over, at least for now, after Trump publicly rebuked them for violating a ceasefire.

As both countries eased civil restrictions after 12 days of fighting - which was followed by a US strike on Iran's uranium enrichment facilities - each sought to claim victory.

The US's direct involvement in the war has investors worried about the Strait of Hormuz, a narrow waterway between Iran and Oman, through which between 18 million and 19 million barrels of crude and fuel oil per day (bpd) pass, nearly a fifth of global consumption.

Investors are awaiting US government data on domestic crude and fuel inventories due on Wednesday. US crude fell by 4.23 million barrels in the week to June 20, market sources said, citing figures from the American Petroleum Institute on Tuesday. (alg)

Source: Reuters