Oil holds gains as Iraq, U.S.-Iran tension raises risks…
Oil prices crept higher today, holding on to gains made as fighting between Iraqi and Kurdish forces threatened supplies from northern Iraq while political tension rose between the United States and Iran. After months of range bound trading during which OPEC-led supply cuts supported crude values but rising U.S. output capped markets, prices have moved up significantly this month. Tension between the United States and Iran is rising, also raising the global risk premium for oil.U.S. President Donald Trump on Friday refused to certify Iran's compliance over a nuclear deal, leaving Congress 60 days to decide further action against Tehran.
(Source: Investing)
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