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January 23, 2012 5:50 pm

Following New EU Sanctions on Iran, Oil Prices Rise

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Shell Puget Sound Refinery in Washington state. Photo: wiki commons.

Sydney Morning Herald – Oil rose for the first time in four days after the European Union agreed to ban crude imports from Iran, raising concern that retaliation from the Islamic Republic may disrupt oil supply from the Middle East.

Futures gained as much as 1.6 per cent as the 27-nation bloc said it would implement the crude embargo starting July 1 to pressure the country over its nuclear program. Iran has threatened to close the Strait of Hormuz, the transit point for about a fifth of global oil, if its exports are banned.

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