Oil rose for the first time in four days

after the European Union agreed to ban crude imports from Iran, raising concern that retaliation from the Islamic Republic may disrupt oil supply from the Middle East.

Futures gained as much as 1.5 percent as the 27-nation bloc said it would implement the crude embargo starting July 1 to pressure the country over its nuclear program. Iran has threatened to close the Strait of Hormuz, the transit point for about a fifth of global oil, if its exports are banned.

Oil for March delivery gained to $99.80 a barrel on the New York Mercantile Exchange. Prices have increased 11 percent in the past year.

Brent oil for March settlement advanced 59 cents, or 0.5 percent, to $110.45 a barrel on the London-based ICE Futures Europe exchange.