Commodity tips

Oil prices rise as US sanctions against Iran’s crude exports emerge

Crude Oil prices soared on Friday, since trader’s attention focused on US sanctions against Iran’s crude exports that starts next month to tighten global markets.

The gains helped recover some of the losses from the last session on account of looming US inventories and after Russia and Saudi Arabia said they would raise output to some extent make up for expected disruptions from Iran.

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Commodity Trends: Crude Oil price rose 1 pc today

Crude Oil prices advanced mildly by 1 percent on Thursday, as investor’s attention focused on the prospect of tighter markets on account of US sanctions against major crude exporter Iran. Brent crude futures, front month, were at USD 82.17 per barrel in early trade, up by 1 percent from their last close. U.S Federal Reserve’s decisions on interest rates as well as weekly inventories update from US Energy Department were the two aspects upon which investors are concerned.