Oil rose to a one-month high after reports that Iran halted shipments to Europe and U.S. inventories declined.

Futures climbed as much as 1.8 percent as Iran’s state-run Press TV said exports were cut to Italy, Spain, France, Greece, Portugal and the Netherlands, without citing anyone. The state- run Fars news agency said Iran warned the nations without cutting exports. The Energy Department reported U.S. oil supplies dropped the first time in four weeks.