Oil Climbs to a Three-Week High as U.S.-Iran Tensions Simmer - Bloomberg

Oil Climbs to a Three-Week High as U.S.-Iran Tensions Simmer - Bloomberg:

Oil rose to the highest level in more than three weeks as political tensions between the U.S. and Iran continued to simmer, with President Donald Trump announcing plans for further sanctions against the OPEC member.

Futures added as much as 1.4% in New York after surging 9.4% last week. Trump tweeted about the sanctions days after abruptly calling off planned air strikes against the Islamic Republic in retaliation for the shooting down of a U.S. Navy drone. Iran’s navy warned the downing of unmanned aircraft could be repeated if intrusions into its airspace continue, according to state news agency Tasnim.

“The events of last week mean that there is much for oil bulls to hang their hats on,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London.