Oil price rally extended on Iranian sanctions jitters

Jitters ahead of President Trump’s decision on oil-related sanctions for Iran and high global demand pushed oil prices ever close to $70 per barrel on Thursday.

Crude oil prices are up nearly 4 percent in the span of seven trading days in one of the commodity’s sharpest rallies in years. Prices were expected to cool off after jumping in mid December when the Forties pipeline system, which carries about 40 percent of total North Sea oil production, was shut down. The line came back on stream over the New Year holiday weekend, but 2018 started with political unrest in Iran, one of the leading producers in the Organization of Petroleum Exporting Countries.

Though production hasn’t been impacted, the protests are widely viewed as reason enough for U.S. President Donald Trump to go against the principles of the Joint Comprehensive Plan of Action — the U.N.-backed Iranian nuclear deal — and decide Friday to re-impose oil-related sanctions on Iran…

 

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