Oil prices top $100 per barrel

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, Fox Business reports on Tuesday.

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.

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.