Oil prices continued to rise on Monday after US President Donald Trump threatened to impose sanctions on Iraq if the country expels American troops.
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Brent crude, which is an international benchmark for buyers and sellers of oil, rose 2.41% to $70.25 a barrel.
West Texas Intermediate added 2% to $64.34 a barrel.
“The risk of further escalation has clearly gone up – given the direct attack on Iran, Iran’s threat of retaliation and Trump’s desire to look tough – posing the threat of higher oil prices,” says Shane Oliver, chief economist at AMP Capital.
“Historically though oil prices need to double to pose a severe threat to global growth and we are long way from that.”
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