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SINGAPORE: Brent crude climbed $1 as threats from Iran to try and block oil shipments offset concerns that gloomy manufacturing data from China, the United States and Europe will hurt oil demand.
Iran's National Security and Foreign Policy Committee has drafted a bill calling for Iran to try to stop oil tankers from shipping crude through the Strait of Hormuz to countries that support sanctions against it, a move that will threaten supply at a time when a strike in Norway has curbed output.
Brent crude gained $1 to hit an intraday high of $98.34 per barrel while US crude gained 87 cents to $84.62 by 0422 GMT.
