Oil climbed for a seventh day, the longest streak of advances since January 2010, as escalating tension with Iran threatens supplies and on signs of a global economic recovery.
Futures rose above $109 a barrel for the first time in nine months as sanctions against the Persian Gulf nation make it more difficult to sell crude. New home sales in the U.S. exceeded forecasts in January while American, French and South Korean consumer confidence gained this month, reports showed today.
“Everyone is looking at $110 oil,” said Stephen Schork, president of the Schork Group in Villanova, Pennsylvania. “The tension between Iran and the West has risen to an incredible level. We’re trading on fear that this will deteriorate into a new war in the Middle East.”