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Oil prices rise on Iran sanctions, outlook uncertain

Reuters – Oil prices rose on Friday as traders anticipated a tighter market due to U.S. sanctions on Iran’s crude exports.

Benchmark Brent crude oil was up 30 cents a barrel at $84.88 by 0750 GMT. On Thursday, Brent fell by $1.34 a barrel or 1.6 percent. The contract was on course for a gain of around 2.6 percent for the week.