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LSE: UPDATE 4-Oil tops $100 on Iran tensions, stimulus hopes
 
By Alex Lawler

LONDON, July 3 (Reuters) - Oil topped $100 a barrel for the first time in


three weeks on Tuesday as tension over Iran kept oil supply concerns in focus and investors bet on further policy action to support global economic growth.


Iran said on Tuesday it had successfully tested missiles capable of hitting Israel in response to threats of military action against the country. A European Union embargo against Iranian oil took full effect on Sunday.

An oil workers' strike in Norway also has started to slow crude exports.

Brent crude was up $2.40 to $99.74 a barrel by 1124 GMT after climbing as high as $100.17 intraday, trading above $100 for the first time since June 11. U.S. crude rose by $2.27 to $86.02.

'The recovery has been aided by supply-side risks, which until recently tended to be overlooked,' Carsten Fritsch, an analyst at Commerzbank, said.

'Not even weaker data such as the U.S. ISM manufacturing index have checked oil's advance. The situation would have been different a week ago, suggesting a change of mood on the commodity markets.'
Source