Oil Rebounds From Year’s Biggest Decline on Iran Tension

Oil advanced in New York, heading for a second quarterly gain, as investors speculated that sanctions on Iran will tighten and that yesterday’s decline, the biggest this year, was exaggerated.

Crude rose for the first time in three days after the 2.5 percent drop, the most since December. For the week, prices are lower after U.S. stockpiles climbed to the highest level since August and Western countries discussed tapping emergency reserves. A technical indicator signaled prices may have fallen too far, and U.S. lawmakers introduced a bill seeking to expand sanctions on Iran.