Business | Oil & Gas

Oil rises following Iran missile test

Crude oil rose for the first time this week, rebounding from its biggest decline in three months, after Iran test-fired a long-range missile capable of reaching Israel and the dollar fell.

  • Bloomberg
  • Published: 12:46 July 9, 2008
  • Gulf News

  • Crude oil rose for the first time this week, rebounding from its biggest decline in three months, after Iran test-fired a long-range missile capable of reaching Israel and the dollar fell.
  • Image Credit: AP

New York: Crude oil rose for the first time this week, rebounding from its biggest decline in three months, after Iran test-fired a long-range missile capable of reaching Israel and the dollar fell.

“It's an escalation of tensions and it's going to stay for a while until clear signals are sent or until someone starts firing at each other,'' said Anthony Nunan, Tokyo-based assistant general manager for risk management at Mitsubishi Corp.

“Iran is flexing its muscles and Israel's exercise stepped up the fear and also sent a message to the US and Europe that something has to be done about Iran,'' he said.

Crude oil for August delivery rose as much as $1.12, or 0.8 per cent, to $137.16 a barrel in electronic trading on the New York Mercantile Exchange. It traded at $136.83 at 3pm Singapore time.

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