By Gina Lee

Investing.com – Oil was up on Wednesday morning in Asia after Moscow moved its troops into two breakaway regions in Ukraine, even as investor concerns about the fallout was allayed.

By 9:46 ET (23:47 GMT), the price of $93.90 rose by 0.56% and then rose by 0.07% to $91.97

Concern has grown that Russia’s actions in Ukraine might have an adverse impact on the world’s energy supply. The United States assured, however that it would not have any impact on exports of energy.

A senior U.S. State Department official stated to the media that the sanctions being applied today and those that might be in the future will not target or affect oil and gas flows.

Tuesday’s sanctions by the United States, Britain, and the European Union were directed at Russian financial institutions.

Diplomats believe Iran could be able to export more than 1,000,000 barrels of crude oil per day, as they are close to an agreement with world powers.

In a note, ANZ Research analysts stated that “Diplomats have agreed that negotiations are over”, which signals potential relief for the global oil market.

Vivek Dhar is a Commonwealth Bank commodity analyst.

Other members of the Organization of the Petroleum Exporting Countries (OPEC+) have struggled to meet their production targets due to underinvestment in their oil infrastructure. Dhar believes Iran may face the same problem.