Oil Caps Weekly Gain as Iran Tensions Increase Supply Concern
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Oil rose to a two-week high to cap its first gain in three weeks amid concern that tension between Iran and the West will intensify, threatening shipments from OPEC’s second-biggest crude producer.
Futures climbed 0.8 percent after the U.S. Senate passed a bill aimed at Iran’s central bank yesterday and the European Union tightened sanctions. U.S. unemployment unexpectedly dropped in November to a two-year low, while employers added fewer workers than projected and earnings eased.