LONDON—Oil prices fell on Wednesday, retreating from seven-year highs hit the previous day as it became clear that the first wave of U.S. and European sanctions on Russia was unlikely to disrupt oil supplies. Brent crude was down 59 cents, or 0.6 percent, to $96.25 a barrel at 1027 GMT, after hitting $99.50 on Tuesday, the highest since September 2014. U.S. West Texas Intermediate (WTI) crude futures fell 76 cents, or 0.8 percent, to $91.15 a barrel, after reaching $96 on Tuesday. Prices jumped on Tuesday on worries that Western sanctions on Russia for sending troops into two breakaway regions in eastern Ukraine could hit energy supplies. Sanctions imposed by the United States, the European Union, Britain, Australia, Canada, and Japan were focused on Russian banks and elites while Germany halted a major gas pipeline project from Russia. But the United States made it clear that sanctions agreed and those …