05:00 AM EDT, 06/26/2024 (MT Newswires) -- Crude oil prices edged higher as geopolitical developments drive market sentiment, ANZ Bank said in a Wednesday note.

Brent crude rose 0.1% to US$85.07 per barrel and West Texas Intermediate crude gained 0.2% to US$81.01/b at last look early Wednesday.

Tensions between Russia and the U.S. have been elevated this week after Moscow blamed Washington for a Ukrainian missile strike on occupied Crimea, the bank noted.

Houthi rebels have also ramped up attacks on ships, striking the commodities carrier Transworld Navigator in a suspected drone attack earlier this week. The rebels also reportedly sank a vessel carrying coal this month. The market continues to be wary of changes to Iran's international ties after elections on Friday.

Also affecting prices, data showed lower Russian oil exports, ANZ Bank said. Russia's weekly crude exports fell by the most in more than three months in the seven days to June 23. Work at Primorsk on the Baltic Sea and Kozmino on the Pacific coast reduced shipments through Russia's two busiest terminals.

In addition, vessels that Moscow relies on to transport its oil are being targeted by Western sanctions, the bank said. The European Union imposed sanctions on ships including 17 crude and refined product carriers in its latest round of sanctions seeking to hinder the country's revenue-generating capabilities.