Oil prices edged higher on Wednesday, finding some respite after plummeting in the last two sessions, as investors assessed the stability of a ceasefire between Iran and Israel. Brent crude futures rose 75 cents,

A successful Iran-Israel ceasefire would abate concerns over Tehran's crude supplies and the stability of oil transport through the Strait of Hormuz.

The fear throughout the Israel-Iran conflict is that it could squeeze the world’s supply of oil, which would pump up gas prices and hurt the global economy.