Oil Fluctuates as Iran Responds to European Crude Import Embargo
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Oil swung between gains and losses in New York as Iran criticized a European embargo on its crude exports without repeating threats to disrupt shipping in the Persian Gulf.
Futures rose as much as 0.6 percent before dropping 0.7 percent. While a statement from Iran’s Foreign Affairs Ministry said yesterday’s European Union decision to ban supplies from the nation will “bear bitter fruits,” it stopped short of warning it would close the Strait of Hormuz. An Energy Department report tomorrow may show U.S. crude stockpiles rose last week. The American Petroleum is due to publish its weekly supply report today.