SINGAPORE, Oct 17 Reuters Oil prices steadied on Tuesday after a more than 1 slide on Monday amid hopes the U.S. would ease sanctions on producer Venezuela and as Washington stepped up efforts to prevent an escalation of the war between Israel and Hamas.

Brent crude futures were up 16 cents at 89.81 a barrel, while U.S. West Texas Intermediate crude WTI was down 1 cent at 86.65 a barrel as of 0632 GMT.

Venezuela39;s government and opposition are set to resume longsuspended talks on Tuesday that President Nicolas Maduro said would benefit the upcoming 2024 election, a move that could lead to Washington easing sanctions, multiple sources said.

Since 2019, the U.S. has sanctioned oil exports from Venezuela, a member of the Organization of Petroleum Exporting Countries OPEC, to punish Maduro39;s government following elections in 2018 that Washington considered a sham due to human rights violations.

Both oil benchmarks surged last week on fears the conflict in the Middle East could widen, with global benchmark Brent gaining 7.5 in its highest weekly gain since February.

U.S. President Joe Biden will make a highstakes visit to Israel on Wednesday as the country prepares to escalate an offensive against Hamas militants that has set off a humanitarian crisis in Gaza and raised fears of a broader conflict with Iran.

The risks remain, with Iran39;s foreign minister warning the possible expansion of the war on other fronts is approaching the inevitable stage, ANZ Research…