Oil prices gained about 2% on Wednesday, buoyed by potential supply risks should tensions between the U.S. and Iran escalate, while draws of crude from key stockpiles suggested stronger demand.
Brent
crude oil futures were up $1.39, or 2.02%, at $70.19 a barrel by 10:09 a.m. ET. U.S. West Texas Intermediate
crude rose $1.34, or nearly 2.1%, to $65.30.
“Ongoing tensions in the Middle East continue to support prices, although so far there has been no supply disruption,” said UBS oil analyst Giovanni Staunovo.
