Renewed tensions between Iran and the West pushed oil to its highest level in more than a month.
Iran is again threatening to block a critical Persian Gulf shipping route in response to a European embargo of Iranian oil. Iran has sparred for months with the West over its nuclear programme.
Benchmark US crude added US$3.91, or 4.7 per cent, to end at US$87.66 per barrel in New York. That’s the highest price since May 30.
Brent crude, which sets the price of oil imported into the United States, rose above US$100 for the first time in three weeks, adding US$3.34, or 3.4 per cent, to finish at US$100.68 per barrel in London.
Iran said Tuesday that it test-fired several ballistic missiles, including a long-range variety meant to dissuade an attack by Israel or the US.
The New York Times