05:14 AM EST, 02/19/2025 (MT Newswires) -- Crude oil prices extended gains early on Wednesday as concerns mounted about oil supply disruptions in the U.S. and Russia.

Brent crude rose 0.7% to US$76.34/barrel and West Texas Intermediate crude gained 0.7% to US$72.38/b at last look.

Oil flows through the Caspian Pipeline Consortium dropped by 30% to 40% following a Ukrainian drone attack on a pumping station, Reuters reported on Wednesday. Cold weather in the U.S. also threatened the oil supply, the report said. The North Dakota Pipeline Authority estimated that output in the major producing state would be reduced by around 150,000 barrels per day.

Markets are also awaiting clarity on talks to end Russia's war in Ukraine after Ukrainian President Volodymyr Zelenskyy postponed a trip to Saudi Arabia where U.S. and Russian officials held negotiations.

However, a potential peace deal and associated easing of Russian sanctions is unlikely to significantly raise Russia oil flows, as its output is more constrained by production targets set by the Organization of the Petroleum Exporting Countries and allied producers, Reuters quoted Goldman Sachs analysts as saying.