Oil prices are rising on Wednesday morning as investors assess the geopolitical situation and unofficial data on U.S. inventories.

September Brent futures rose on the London-based ICE Futures exchange by $2.13 (2.87%) to $76.29 per barrel. On Tuesday, Brent gained $2.17 (3.01%) to $74.16 per barrel.

August WTI futures rose in electronic trading on the New York Mercantile Exchange (NYMEX) by $2.06 (2.92%) to $72.5 per barrel. In the previous session, the contract gained $1.89 (2.76%) to $70.44 per barrel.