Oil prices fell on Wednesday after Russia accepted U.S. President Donald Trump’s proposal that Moscow and Kyiv temporarily stop attacking each other’s energy infrastructure. That could lead to more Russian oil entering global markets.

The ongoing Middle East unrest is limiting the decline in oil prices.

Brent crude futures were down 19 cents, or 0.3%, at $70.37 a barrel by 0420 GMT. WTI crude was down 20 cents, or 0.3%, at $66.70.

Russian President Vladimir Putin agreed on Tuesday to halt attacks on Ukrainian energy facilities but did not approve a full 30-day ceasefire that Trump had hoped for.

The deal has kept oil prices under some pressure by reducing the risk of further disruptions to oil supplies as attacks on Ukrainian energy facilities are halted.

A ceasefire could lead to sanctions relief, increasing oil supplies, and lowering prices.

Tariffs imposed by the US on Canada, Mexico, and China had already negatively impacted oil prices as they reduced demand for crude, raising fears of a recession.

Despite rising Middle East tensions, oil markets remain focused on falling prices. The tariff hike and high spare capacity are weighing down medium-term risks to the forecast.

Trump has insisted his country will continue its attacks on the Houthis in Yemen and said he would hold Iran responsible for any attacks by the group, which has disrupted shipping in the Red Sea.

Meanwhile, Palestinian officials said Israeli airstrikes in Gaza have killed at least 200 people, raising the risk that the week-long ceasefire and wider oil supplies from the region could be threatened.

Meanwhile, US crude stockpile data painted a mixed picture, with crude stockpiles rising while fuel stockpiles fell.

On Tuesday, the American Petroleum Institute (API) said crude oil inventories rose by 4.59 million barrels in the week ending March 14, while gasoline inventories fell by 1.71 million barrels and distillate inventories fell by 2.15 million barrels.

Official government data is expected on Wednesday.