Monitoring Desk
SINGAPORE: Oil prices in international markets increases because of expected U.S. sanctions against Iran, conflict in Iraq and an explosion at a U.S. oil rig and reduced exploration activity supported prices there and these are the main reason behind the increase of oil prices in International market.
Traders told the concerns over the increase of US sanctions against Iran were the main reason behind the recent increase in oil prices.
President Trump refusing to give ok report to congress regarding the Iran nuclear deal 2015 as the under the US law, the president must certify every 90 days to congress to decide whether to reimpose economic sanctions on Tehran or not which were lifted under the pact.
There were also concerns about the stability of Iraq, the second biggest oil producer within the Organization of the Petroleum Exporting Countries (OPEC) behind Saudi Arabia.
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