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Oil prices steadied near $80 a barrel on Wednesday as investors eyed disruptions to global supplies once U.S. sanctions on Iran come into force.
Benchmark Brent crude was marginally lower at $79.02 a barrel after rising 1.3 percent on Tuesday amid reports that Saudi Arabia, the world's largest oil exporter, was comfortable with prices above $80.
U.S. crude futures were up 2 cents at $69.61 a barrel after climbing 1.4 percent in the previous session.
New U.S. oil sanctions will formally take effect on Nov. 4, but Iran's oil exports are already plummeting, leading to a supply shortfall in global markets.
Traders also took the Saudi comments as a sign that the country would not aggressively respond to the rise in prices with supply increases.
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