Oil prices eased in early trade, but remained near recent highs after the U.S. sanctioned a network of companies and vessels for smuggling Iranian oil disguised as Iraqi oil.
Brent crude and WTI were both down 0.5% to $68.81 and $65.28 a barrel, respectively, after settling higher in the previous session.
Prices are supported by risks of disruption to Russian supplies due to Ukrainian attacks on key energy infrastructure and the spectrum of tougher U.S. sanctions if the Kremlin stalls peace negotiations.