Oil futures edged higher Wednesday, finding a footing after a cease-fire between Israel and Iran-backed Hezbollah eliminated much of the remaining risk premium around a wider Middle Eastern conflict, leaving traders to turn their attention to a weekend meeting of the Organization of the Petroleum Exporting Countries and its allies.

Crude oil prices have stabilized in recent weeks as traders gear up for a meeting of OPEC and its allies. There are signs that OPEC and its partner oil producing countries will once again put off restoring some output. But at the same time, a cease-fire agreement between Israel and Hezbollah has eased geopolitical risk.

Oil prices steadied on Wednesday, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah, and ahead of Sunday's OPEC+ meeting of producers.

Gaza Oil prices remained steady on Wednesday after Israel and Hezbollah agreed to a ceasefire, while traders weighed the possibility of Opec+ further extending output cuts. Brent, the benchmark for two thirds of the world's oil,