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.

Oil prices rose on Tuesday as investors eyed OPEC+ discussions on output and weighed the potential impact of U.S. President-elect Donald Trump's planned trade tariffs on Mexico and Canada. Brent crude futures were up 66 cents,

Canada’s oil industry stressed the economic and security benefits of its exports to the US, while also using President Elect Donald Trump’s threat to impose tariffs on the country’s goods as a chance to criticize Prime Minister Justin Trudeau.