Oil Surges on Speculation of Supply Disruption in Middle East
This article is for subscribers only.
Oil rose the most in almost four weeks on speculation that supplies from the Persian Gulf would be disrupted after a report that Iran will hold drills to practice closing the Strait of Hormuz.
Futures advanced 2.4 percent as the state-run Fars news agency said Iran was planning military maneuvers at the strait, a bottleneck for Gulf shipments. Oil rose as much as 3.6 percent in intraday trading before paring gains on a denial by Iran’s Foreign Ministry that the country is closing the waterway.