(EnergyAsia, July 4 2012, Wednesday) — Brent crude rebounded above US$100 a barrel July 3 for the first time since June 11 on worries that oil supplies could be affected by the growing tensions between Iran and the West, strike action by Norwegian oil workers, and possible work disruption in the Gulf of Mexico with the arrival of hurricane season.

Traders are also hopeful that the world’s major economic powers will add to stimulus spending to prevent a further global slowdown.

Crude oil rose to their highest levels in over three weeks with Brent crude trading above US$101 a barrel while US WTI surged past US$88. Oil prices are still a long way off from their highest point of the year on March 1 when Brent crude sold for US$128.40 a barrel.

The West has launched its latest round of trade and financial sanctions against Iran on July 1. Iranian politicians are calling for a blockade of the Straits of Hormuz through which 17 million barrels of oil are shipped every day. The stand-off will likely support oil prices.