Gas flares from an oil production platform at the Soroush oil fields in the Persian Gulf, south of Tehran on July 25, 2005. Photo: REUTERS

Oil price extends rally in global energy markets as US stops waiving sanctions on any country that imports Iran’s oil

  • The price of crude oil leapt to a six-month high on Monday after the US said it would stop waiving sanctions on any country that buys oil from Iran
  • US$80 a barrel crude oil price is now a possibility, energy traders say
Topic |   Iran

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Gas flares from an oil production platform at the Soroush oil fields in the Persian Gulf, south of Tehran on July 25, 2005. Photo: REUTERS
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