Oil Price Up on Iran Threat, Nigerian Strikes
The price of oil climbed Monday from a four-week low over worries that ongoing Nigerian strikes over a cut in gasoline price subsidies and Iranian threats to close the Strait of Hormuz would threaten supplies.
Iran Threatens Oil Blockade Over Sanctions
Iran threatened to cut off oil exports through the Strait of Hormuz if the U.S. follows through on its threat to impose economic sanctions. Oil markets dismissed the rhetoric.