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Oil Rallies After Iran Sanctions Take Effect

2018-08-07 10 Dailymotion

According to Markets Insider, crude oil prices extended gains on Tuesday as new sanctions on Tehran took effect, setting the stage for a drop-off in production from the world's fifth-largest producer. Hussein Sayed, chief market strategist at FXTM, reportedly said, "Many investors were watching oil prices after the US reimposed sanctions on Iran." Iran's oil industry is reportedly expected to be hit in the next round of economic penalties, set to take effect in November, against the Tehran.