Oil prices climbed about 2% to a two-week high on Wednesday on a bigger-than-expected U.S. storage draw and concerns about global supplies after Iran called for an oil embargo on Israel over the conflict in Gaza.
Brent futures rose $1.60, or 1.8%, to settle at $91.50 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.66, or 1.9%, to settle at $88.32. At their session highs, both benchmarks were up more than $3 a barrel.
The U.S. Energy Information Administration (EIA) said energy firms pulled 4.5 million barrels of crude from stockpiles during the week ended Oct. 13.
Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.