Brent crude futures settled up $1.27, or 1.39 percent, at $92.76 a barrel on Wednesday, Nov. 11, up from Tuesday's settlement of $91.49, Reuters reported.
U.S. West Texas Intermediate crude settled up 49 cents, or 0.57 percent, at $86.53 a barrel.
Both contracts rose after Iran's security chief said Tehran would not allow any enriched nuclear material to leave the country, Reuters reported. Washington has said nuclear issues must be part of any initial negotiations, according to Reuters.
Thursday in Asia
Prices eased in Asian trading on Thursday. Brent was at $92.69 a barrel, down 0.1 percent, and WTI was at $86.30, down 0.3 percent, AFP reported. Those are trading levels, not settlements.
Gold
Spot gold fell 1.1 percent to $3,986.79 an ounce at 1:51 p.m. ET on Wednesday, Reuters reported. It had been as high as $4,066.77 earlier in the session.
U.S. December gold futures settled 0.7 percent lower at $4,000.50 an ounce, according to Reuters.
Spot gold and December futures are different instruments, which is why one traded below $4,000 and the other settled just above it.
Wednesday's decline followed a fall of almost 3 percent in spot gold on Tuesday, Reuters reported.
Bob Haberkorn of StoneX pointed to the consumer price data. "CPI came out a little hotter than expected, and the market is interpreting that it warrants higher rates at the December meeting," he said, according to Reuters.
Oil and inflation
Josh Hirt, senior U.S. economist at Vanguard, told Reuters: "Energy effects will take longer to fade. Oil prices have remained near $100 per barrel for much of the year, extending their contribution to inflation... But absent a renewed and sustained increase in prices, that contribution should remain limited."
Brent's Wednesday settlement of $92.76 is below the level Hirt described.