Oil Rises First Time in Four Days as EU Agrees to Ban Iran’s Oil

Oil rose for the first time in four days after the European Union agreed to ban crude imports from Iran, raising concern that retaliation from the Islamic Republic may disrupt the oil supply in the Middle East.

Futures gained 1.3 percent as the 27-nation bloc said it will implement the crude embargo starting July 1 to pressure the country over its nuclear program. Iran has threatened to close the Strait of Hormuz, the transit point for about a fifth of global oil, if its exports are banned.