Oil prices have inched up after Saudi Arabia cut diplomatic ties with Iran following a row over Tehran’s execution of a Shiite cleric. Saudi Arabia announced the decision on Sunday, a day after protesters ransacked its embassy in Tehran over the execution of a Shiite cleric, as per indianexpress.com. US benchmark West Texas Intermediate for delivery in February rose to US$37.5 and Brent crude for February rose to US$37.89.
Saudi Foreign Minister Adel al-Jubeir said Iranian diplomats had 48 hours to leave the kingdom and Iran’s supreme leader said Saudi Arabia would face “quick consequences” for executing the cleric. Fearing further upheaval in the already volatile Middle East, the United States has urged regional leaders to take measures to soothe tensions.
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