Oil jumps 3 percent on big U.S. crude draw, Iran sanctions | Reuters

Oil jumps 3 percent on big U.S. crude draw, Iran sanctions | Reuters:

Oil prices rose 3 percent on Wednesday, with Brent crude futures hitting a three-week high, after U.S. government data showed a larger-than-expected draw in crude inventories and as Washington’s sanctions on Iran signaled tightening supplies.

Brent crude futures LCOc1 rose $2.15, or 3 percent, to settle at $74.78 a barrel. The global benchmark reached $75.00 during the session, the highest since July 31.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $2.02 to settle at $67.86 a barrel, a 3.1 percent gain.