Oil jumps over 2 percent on big U.S. crude draw, Iran sanctions | Reuters

Oil jumps over 2 percent on big U.S. crude draw, Iran sanctions | Reuters:

Oil prices rose more than 2 percent on Wednesday, with Brent crude futures hitting a two-week high, after U.S. government data showed a larger-than-expected draw in domestic crude inventories and as Washington’s sanctions on Iran signaled tightening supplies.

Brent crude LCOc1 futures rose $1.92 to $74.55 a barrel, a 2.6 percent gain, by 12:58 p.m. EDT (1658 GMT). The global benchmark reached $74.77 during the session, the highest since Aug. 8.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.93 to $67.77 a barrel, a 2.9 percent gain.