Oil Climbs From Four-Week Low as Iran Warns of Strait Disruption
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Oil climbed from the lowest price in almost four weeks as Iran said that a disruption to crude supplies through the Strait of Hormuz would cause a shock to markets that “no country” could manage.
Futures rose 1 percent after sliding 2.8 percent last week. Iran has threatened to shut the strait, a transit route for about a fifth of global oil trade, in response to international sanctions on its exports. Any disruption will harm the world’s crude markets, Iran’s governor to OPEC said, according to the state-run Mehr news agency. Nigerian labor unions suspended protests after saying they would consider shutting down oil output in opposition to higher fuel prices.