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Oil Steadies While Traders Watch For Mideast Supply Disruptions

  • U.S. State Department warns of attacks on Saudi oil facilities
  • Brent briefly tops $70 a barrel for first time since Sept. 16
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Oil Extends Price Surge
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Oil rose on Monday but pared most of its earlier gains as investors took stock of the fact that there hasn’t been a supply disruption despite escalating Mideast tensions after the U.S. assassinated Iran’s most powerful general.

Futures briefly topped $70 a barrel in London as the U.S. State Department warned of a “heightened risk” of missile attacks near energy facilities in Saudi Arabia. But three days after an American airstrike killed Qassem Soleimani, oil supplies are still flowing from the Persian Gulf. Tankers there rely on the Strait of Hormuz, which Iran has repeatedly threatened to shut down, to reach customers globally.