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Brent Rises On Iran Tensions, Norway Strikes
Published on Wednesday, 04 Jul 12:04 pm
Brent crude climbed above $98/B on Tuesday as tensions between Iran and the West offset concerns that gloomy manufacturing data from China, the US, and Europe will hurt oil demand. News that Iranian lawmakers had drafted a bill calling for Iran to shut off the Strait of Hormuz to oil tanker traffic spurred gains at a time when a strike in Norway has curbed crude oil output. Brent crude gained 91 cents to $98.25/B, while US crude rose by 67 cents to $84.42/B.
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