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.

Oil prices tumbled by nearly 5% on Tuesday after Israel agreed to a ceasefire with Iran after nearly two weeks of conflict. Brent crude, the international benchmark for oil prices, fell to $68 a barrel, which is below the level it was at when Israel launched missiles against Iran's nuclear sites on 13 June.

Oil prices fell sharply Tuesday, returning to levels last seen before the Iran-Israel conflict, as investors cheered news of a ceasefire, albeit fragile, between the two countries.