Oil rises 2% on US–Iran tensions, improved demand

Group 1 - Oil prices gained about 2% on Wednesday, with Brent crude oil futures up $1.39, or 2.02%, at $70.19 a barrel, and U.S. West Texas Intermediate crude rose $1.34, or nearly 2.1%, to $65.30 [1] - Ongoing tensions in the Middle East continue to support prices, although there has been no supply disruption so far [2] - A slightly weaker dollar is helping prices higher, as a stronger U.S. currency negatively impacts demand for dollar-denominated crude from foreign buyers [3] Group 2 - Crude draws from the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub and from Fujairah indicate a tight market, supporting prices [4] - OPEC's monthly report left supply-demand expectations largely unchanged but noted a projected drop in global oil demand for the wider group's crude by 400,000 barrels per day in the second quarter compared to the first [4] - U.S. crude inventories rose by 13.4 million barrels in the week ended February 6, according to American Petroleum Institute figures [6]