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Hungary remains a stumbling block, as EU sanctions require unanimous support. Hungary is pressing for about 750 million euros ($800 million) to upgrade its refineries and expand a pipeline from Croatia.

Major U.S. stock indexes ended down slightly Wednesday, losing early gains tied to remarks by Federal Reserve Chair Jerome Powell that the U.S. central bank is "strongly committed" to bringing down inflation, while sharply lower oil prices weighed on energy shares.

Brent crude rose 26 cents to settle at $122.27 a barrel. U.S. West Texas Intermediate crude rose 26 cents to settle at $120.93 a barrel. Trade was volatile, with prices down about $3 a barrel earlier.

Investors have been paring positions in risky assets as they assess whether inflation-fighting central banks could push the world economy into recession with higher interest rates.

Russian grades accounted for about 16.5% of India's overall oil imports in May

Brent futures gained $1.06, or 0.9%, to settle at $120.57 a barrel, its highest since May 31. U.S. West Texas Intermediate (WTI) crude gained 91 cents, or 0.8%, to $119.4.

Oil prices swung higher in volatile trading, as traders focused on tight supplies over slowing global economic growth.

Oil prices edged up on high summer fuel demand while supplies remained tight because of sanctions on Russian oil after its invasion of Ukraine.