Oil Caps Longest Rally in Two Years on Iranian Tension

Oil capped its longest rally since January 2010 as escalating tension with Iran threatens supplies and on signs of a global economic recovery.

Futures advanced above $109 a barrel for the first time in almost 10 months as sanctions against the Persian Gulf nation make it more difficult to sell oil. Iran dismissed UN atomic inspectors’ concerns that nuclear-weapon work is occurring, a document acquired by Bloomberg News showed. U.S., French and South Korean consumer confidence gained, reports showed today.