Brent gains as China’s manufacturing activity rises

04/01/2012

Brent crude rose by $1.47 to near $109 a barrel today over a slight rise in China's manufacturing activity, raising hopes for higher oil demand; however, rising tensions between Iran and the West created supply disruption fears.
US crude futures rose by $1.97 to $100.80 a barrel as President Barack Obama signed a law imposing tougher financial sanctions on Iran's oil exports.
Iran test-fired two long-range missiles in the Gulf and warned it may shut down the Strait of Hormuz if sanctions were imposed, reports Reuters.