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Oil prices surge over 2% as US sanctions squeeze Iranian crude exports

But the US government does not want to push up oil prices

Reuters  |  New York 

Oil prices rose more than 2 per cent on Tuesday as US sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output. Since spring when the Trump Administration said it would impose sanctions on Iran, crude traders have priced in a risk premium reflecting the supply shortages that may occur when exports from the third-largest OPEC member are cut. As the Nov. 4 date for imposing sanctions draws nearer, the premium has increased. "The fear is that the sanctions could be so successful that it takes more ...

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First Published: Tue, September 11 2018. 23:06 IST