LONDON—Oil prices fell on Wednesday, retreating from seven-year highs hit the previous day as it became clear that the first wave of U.S. and European sanctions on Russia was unlikely to disrupt oil supplies.
Brent crude was down 59 cents, or 0.6 percent, to $96.25 a barrel at 1027 GMT, after hitting $99.50 on Tuesday, the highest since September 2014.
