2020-02-26 03:33:181970-01-01 00:00:00

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Oil Continues to Climb amidst Tensions: Iran, G20 and OPEC+ on the Agenda

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Oil Continues to Climb amidst Tensions Oil has made its’ most significant gains this year amidst the alleged Iranian bombing of two tankers and the takedown of a U.S. Air Force unmanned drone over the Gulf of Arabia. Oil futures climbed to peaks of 6.1% during Thursday trading last week in New York as US President Donald Trump warns the Islamic Republic that it has made “a very big mistake”. The Strait of Hormuz is a narrow passage that a third of the world's oil supply travels through, and with potential for conflict between the US and Iran, fears regarding the sanctity of the passage has been to blame for the recent run on oil prices. The latest escalation in the region has seen a U.S. unmanned drone shot down over the strait, which according to the United States was in international airspace when it was hit by an Iranian missile. Iran stated that it shot down the unmanned drone as it was “spying”, stating it would defend its airspace and maritime boundaries “with all our might.'' Trump appeared to downplay the elimination of the dro

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