New sanctions against Iran props up oil

16-Jul-12
USA has imposed Iran with more sanctions aimed at stifling its nuclear program. Concerns abound that these sanctions will eventually lead to a military conflict in the Gulf, propping up buying and prices. About 20% of the oil traded around the world comes from the Persian Gulf. Oil on the Nymex crossed US$86, while Brent crude rose past the 100 dollar mark.
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