Oil rose to its highest in a month as Iran said it had cut oil exports to six European countries and after China pledged to help resolve EuropeÃ¢â‚¬â„¢s debt crisis.
Crude futures in New York increased as much as 1.8 percent. Iran summoned the ambassadors of Italy, Spain, France, Greece, Portugal and the Netherlands to protest against the EU sanctions on the countryÃ¢â‚¬â„¢s nuclear program, state-run Fars news agency reported. China will invest in EuropeÃ¢â‚¬â„¢s bailout funds, the nationÃ¢â‚¬â„¢s Central Bank Governor Zhou Xiaochuan said in Beijing. EU finance ministers will today prod Greece to deliver budget cuts in exchange for a second aid package.
Ã¢â‚¬Å“The market is all about fears of supply disruption, as we have these tensions in the Middle East and especially the conflict with Iran,Ã¢â‚¬Â said Sintje Boie, an analyst at HSH Nordbank in Hamburg, who predicts Brent crude will surpass $120 a barrel in coming weeks. Ã¢â‚¬Å“We have seen some signs of stability in the debt crisis.Ã¢â‚¬Â