CNN: Oil climbs on Iran warning to U.S.

SINGAPORE (Reuters) — U.S. crude prices climbed a dollar to over $73 on Monday after Iran hinted it might use oil flows as a weapon in its nuclear dispute with the West and problems at U.S. refineries spurred worries over fuel supplies.

NYMEX light crude for July delivery traded 95 cents up at $73.28 a barrel by 0004 GMT, after hitting a high of $73.45.

The market had gained $1.99 on Friday.

On Sunday, Iran’s supreme leader, Ayatollah Ali Khameni, warned the United States that any “misbehavior” directed at Iran would serve to disrupt Gulf energy shipments.

“In order to threaten Iran, you say that you can guarantee movements of oil through this region,” he said Sunday, referring to shipments that pass through the strategic Strait of Hormuz near Iran and other countries.

CNN