Oil Trades Near Two-Day High as Iran Tension Counters Economy

Crude traded near the highest price in two days in New York as the risk that Iran will disrupt oil supplies countered doubts that an economic rebound is intact.

Futures were little changed after rising as much as 0.6 percent. Israel reserves the right to defend itself and keep Iran from acquiring a nuclear weapon, Israel’s Prime Minister Benjamin Netanyahu said today in Washington. The world economy will grow this year at a pace trailing its longer-term trend, according to the Reserve Bank of Australia. South Korea’s finance ministry said higher oil prices are making the nation’s economic outlook increasingly uncertain.