Brent crude rose by $1.47 to near $109 a barrel today over a slight rise in China’s manufacturing activity, raising hopes for higher oil demand; however, rising tensions between Iran and the West created supply disruption fears.
US crude futures rose by $1.97 to $100.80 a barrel as President Barack Obama signed a law imposing tougher financial sanctions on Iran’s oil exports.
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Iran test-fired two long-range missiles in the Gulf and warned it may shut down the Strait of Hormuz if sanctions were imposed, reports Reuters.
