Oil Climbs as Israel Says Iranian Warships Heading for Syria
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Crude rose after Israeli Foreign Minister Avigdor Lieberman said two Iranian gunboats are planning to move through the Suez Canal to Syria, spurring concern that Middle Eastern oil shipments will be disrupted.
Oil climbed 0.8 percent after Lieberman called the move he expects later today a “provocation.” The possible action by Iran comes five days after Egyptian President Hosni Mubarak stepped down. Brent crude, the European benchmark that is more sensitive to Middle East unrest, settled at the highest level since Sept. 25, 2008.