Brent crude oil futures hovered above $69 per barrel on Wednesday, holding a more than 1% gain from the previous session, supported by US sanctions and ongoing supply concerns. Washington recently imposed sanctions on shipping companies and vessels linked to an Iraqi-Kittitian businessman involved in moving Iranian oil disguised as Iraqi. Supply pressures also increased after Ukrainian drone attacks shut facilities representing about 17% of Russia’s refining capacity, with President Zelenskyy vowing more strikes. Adding mild support, industry data showed US crude inventories fell by nearly 1 million barrels last week, though the drop was smaller than the expected 1.7 million barrels. Offsetting some gains, weak US economic data - highlighted by manufacturing contracting for a sixth month amid tariffs - weighed on oil demand. Meanwhile, traders eyed the September 7 OPEC+ meeting, though analysts expect no immediate output changes.