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Oil Climbs Toward $75 in London After Trump Tightens Screws on Iran

  • Brent rises amid cautious response to U.S. sanctions on Iran
  • WTI gives back some gains after API sees crude stocks rising
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"The Saudi response was extremely non-committal," says Amrita Sen, chief oil analyst at consultant Energy Aspects.(Source: Bloomberg)
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Oil climbed to the highest settlement price in almost six months as Saudi Arabia was said to be tentative about raising output to mute the impacts of American sanctions against Iran, one of OPEC’s largest producers.

Brent crude futures climbed 0.6 percent on Tuesday, a day after the U.S. pledged to drive Iranian oil exports to “zero.” The Saudis are holding off on any significant supply shifts until they see actual declines in Iranian output, according to people familiar with policy deliberations in Riyadh.