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Oil Climbs as Mideast Instability Stokes Anxiety About Supply

  • London crude settles at highest in more than three years
  • WTI-Brent crude spread closes at the widest since 2015
Bloomberg business news
United Arab Emirates Energy Minister Suhail Al Mazrouei discusses how the Iran sanctions may impact OPEC.Source: Bloomberg
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Crude advanced as traders assessed escalating tensions in the Middle East, home to almost half the world’s oil reserves.

Futures added 0.4 percent in New York on Monday, while Brent climbed above $78 a barrel for the first time since late 2014. More than fifty Palestinians were killed in protests over the inauguration of a U.S. embassy in Jerusalem, highlighting tensions in the region less than a week after President Donald Trump reimposed sanctions on Iran, OPEC’s third-largest crude producer.