NEW YORK (Reuters) - Brent oil climbed to a six-month high on Wednesday, as fears of supply disruptions from Iran, other Middle East producers and Africa outweighed concerns about the global economy.
Data showing a surprise drawdown in U.S. oil inventories last week helped firm crude futures, which had pared gains following a denial by Iran's oil ministry of a state media report that Tehran had banned oil exports to six European Union countries in retaliation for EU sanctions.
By 12:15 p.m. EST (1715 GMT) , ICE April Brent crude was up $1.25 at $118.60 a barrel, having hit a session high of $119.99, the highest intra-day price since August 1.
U.S. March crude gained 85 cents at $101.59, off its early high of $102.54, steepest intraday since January 12.
"Bubbling of tensions with Iran will always be supportive of the oil price, and this latest development is no different," said Harry Tchilinguirian, analyst at BNP Paribas.
U.S. crude oil inventories showed a surprise, if modest, drop of 171,000 barrels in the week to February 10, defying the forecast in a Reuters poll for a 1.5 million barrel increase and going against industry data released late Tuesday showing a 2.9 million barrel build.
