Oil prices settled higher on Tuesday, driven by concerns over limited supply from Russia and Iran because of Western sanctions and expected higher Chinese demand. Brent crude futures settled at $77.05 a barrel,

Oil prices hit a near three-month high on Wednesday as concerns about supply disruptions and optimism over rising demand supported the market.

Oil prices reversed early declines on Tuesday, supported by fears of tighter Russian and Iranian supply in the face of escalating Western sanctions. Brent crude futures

Oil futures settled with a loss on Wednesday after the U.S. Energy Information Administration reported that commercial crude inventories fell for a seventh straight week, but gasoline and distillate stockpiles climbed by more than 6 million barrels each.