Oil rose to the highest level in nine months after inspectors from the International Atomic Energy Agency were denied access to an Iranian military base.
Futures rose as much as 0.4 percent as Iran prevented IAEA officials permission to visit the Parchin base during two days of talks that ended yesterday. An Iranian general, Mohammad Hejazi, said his nation would consider pre-emptive action when threatened, Fars news agency reported yesterday.
“The biggest driver of the market recently has been fear about Iran,” said Tom Bentz, a director with BNP Paribas Prime Brokerage Inc. in New York. “There’s anxiety about what the latest sanctions will mean and what retaliation will take place. All of this keeps prices inflated.”
Crude oil for April delivery gained 37 cents, or 0.3 percent, to $106.62 a barrel at 2:24 p.m. on the New York Mercantile Exchange. The contract earlier rose to $106.72, the highest level since May 5. Front-month prices have gained 14 percent in the past year.
