Crude Oil Rises in London as EU Officials Agree to Phased Iran Embargo

Brent crude oil rose in London after a European Union official said diplomats agreed to place an embargo on Iran oil with a phase-in. The official spoke on condition of anonymity.

Brent oil for March settlement rose as much as 56 cents, or 0.5 percent, to $110.42 a barrel on the London-based ICE Futures Europe exchange.

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