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Crude oil futures end higher after U.S. govt imposing new sanctions on Iran's crude exports
Feb-08-2025

Crude oil futures ended higher on Friday following the U.S. government imposing new sanctions on Iran's crude exports. The Trump imposed fresh sanctions against Iran, targeting firms, ships and individuals allegedly involved in shipping Iranian oil to China. However, the upside was limited due to concerns about the outlook for demand from China, and the U.S.-China spat, as well as the Trump administration's tariff threats. Besides, a stronger dollar also limited oil's gains.

Benchmark crude oil futures for March rose $0.39 or 0.5 percent to settle at $71.00 a barrel on the New York Mercantile Exchange. Brent crude for April delivery surged $0.37 or 0.49 percent to settle at $74.66 a barrel on London's Intercontinental Exchange. 


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