Oil Rises a Second Day on Iran Tension, European Debt Meetings

Oil rose for a second day in New York on concern that tension in the Middle East threatens supplies and speculation that Europe will take steps to tame a debt crisis that may curb economic growth.

West Texas Intermediate oil gained as much as 0.8 percent, after posting the first weekly increase in three. Iran said crude will surge above $250 a barrel if nations threaten to ban its purchases, according to the Shargh newspaper. European leaders will hold meetings this week as U.S. Treasury Secretary Tim Geithner visits the region. Italian Prime Minister Mario Monti yesterday announced 30 billion euros ($40 billion) of austerity and growth measures.