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13.02.2012 16:40

Oil climbed

Oil climbed after the Greek parliament’s approval of an austerity plan bolstered chances for a solution to Europe’s debt crisis and on increasing concern that Iranian crude supplies will be disrupted.

Futures rose as much as 2 percent, the euro strengthened and the global equity market advanced after passage of the package needed for 130 billion-euro ($172 billion) in aid. Crude may extend gains after companies controlling more than 100 supertankers said they would stop loading cargoes from Iran, tightening sanctions on OPEC’s second-biggest producer.

Overseas Shipholding Group said Feb. 10 the pool of 45 supertankers from seven owners in which its carriers trade will no longer call at Iran. Nova Tankers A/S and Frontline Ltd., with a combined 93 vessels, said Feb. 9 and Feb. 11 they won’t ship crude from the Persian Gulf nation.

Iranian President Mahmoud Ahmadinejad said Feb. 11 he will unveil “major nuclear accomplishments” in coming days, state- run Press TV reported. Iran has threatened to block shipments through the Strait of Hormuz, a transit route for about 20 percent of the world’s globally traded oil.

Crude for March delivery increased to $100.62 a barrel on the New York Mercantile Exchange. Futures are up 17 percent from a year ago.

Brent oil for March settlement rose 90 cents, or 0.8 percent, to $118.21 a barrel on the London-based ICE Futures Europe exchange.

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