Iran is unlikely to shut down shipping through the Strait of Hormuz in response to Western sanctions targeting its oil exports, President Barack Obama’s former adviser on Iran said.
Oil rose today for the first time in four days on renewed concern that geopolitical tension in the Middle East may disrupt supply and as higher stock markets raised economic optimism. Crude for February delivery climbed 93 cents, or 0.9 percent, to settle at $102.24 a barrel on the New York Mercantile Exchange. West Texas Intermediate oil traded on the Nymex has surged 20 percent in the past three months.
Tensions increased this week as Iran announced that it has taken another step in its nuclear program and that it had sentenced to death a former U.S. marine of Iranian descent accused of spying.
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