Oil Edges Higher After US Tells Ships in Hormuz to Avoid Iran

Oil edged higher after the US advised ships to steer clear of Iranian waters when navigating the Strait of Hormuz, reviving a risk premium that had ebbed in recent days amid nuclear talks.

West Texas Intermediate crude futures rose 1.3% to settle above $64 a barrel after the US Department of Transportation said in a maritime advisory on Monday that American-flagged ships should stay as far as possible from Iranian waters. The agency cited a recent incident in which Iran’s Islamic Revolutionary Guard Corps harassed a US-flagged tanker as it was transiting through the waterway last week.