New sanctions on Iran boost oil prices
NEW YORK (AP) — Fears of violence in the Persian Gulf escalated Thursday, pushing the price of oil higher. The Obama administration slapped Iran with more sanctions aimed at stifling its nuclear program. Traders, who worry that the sanctions will eventually lead to a military conflict in the Gulf, responded by buying oil. The U.S. and other Western nations believe Iran is building a weapon and have heaped financial and diplomatic pressure on the country since November to force it to negotiate. Iran denies the claim. Its leaders have ...
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