Oil Rises Almost $3 a Barrel on Iran Report

Oil climbed after Reuters reported Iranian oil exports will drop by 300,000 barrels a day this month because of tighter sanctions.

Futures gained 1.4 percent on the New York Mercantile Exchange after earlier spiking more than 2 percent in three minutes, following the report, which cited Petrologistics, a Geneva-based consulting company. Stephen Schork, president of the Schork Group in Villanova, Pennsylvania, said the gain may have triggered traders’ automatic buy orders.