Oil jumps to 13-week high on rising U.S. gasoline demand | Reuters

Oil jumps to 13-week high on rising U.S. gasoline demand | Reuters

Oil prices jumped over 2% to a 13-week high on Wednesday as U.S. demand for gasoline keeps rising despite record pump prices, while expectations that China's oil demand will increase faced growing supply concerns in several countries, including Iran.

Iran said it was removing two International Atomic Energy Agency surveillance cameras at a uranium enrichment facility as the board of the United Nations' nuclear watchdog passed a resolution criticizing Iran for failing to fully explain uranium traces at undeclared sites. read more

The move has raised tensions with the United States and other countries negotiating with Iran over its nuclear program, and will likely keep sanctions in place and Iranian oil out of the global market for longer. read more

Analysts have said a nuclear deal with Iran could add about 1 million barrels per day (bpd) of crude to world supply.

Brent futures rose $3.01, or 2.5%, to settle at $123.58 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.70, or 2.3%, to end at $122.11.