NEW YORK — Renewed tensions between Iran and the West pushed oil its highest level in more than a month.
Iran is again threatening to block a critical Persian Gulf shipping route in response to a European embargo of Iranian oil. Iran has sparred for months with the West over its nuclear program.
Benchmark U.S. crude added $3.91, or 4.7 percent, to end at $87.66 per barrel in New York. That’s the highest price since May 30.
Brent crude, which sets the price of oil imported into the United States, rose above $100 for the first time in three weeks. Brent added $3.34, or 3.4 percent, to finish at $100.68 per barrel in London.
Sanctions could cut Iran’s July oil exports to nearly half