Crude bounces back in wake of Iran missile test

Crude oil rose, rebounding from its biggest decline in three months, after Iran test-fired a long-range missile capable of reaching Israel and the dollar fell.

Oil recovered as the Iranian exercise, reported on state television, heightened concerns of an attack by Israel on the Middle East's second-biggest oil producer.

The dollar dropped against the yen and euro after the missile test, making commodities priced in the US currency cheaper.