9 months ago
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Brent crude is up 1.7% to $78.32 a barrel as hopes of strong demand in China also push up prices
Oil prices have risen sharply after Iran rejected calls to end support for attacks by Houthi rebels on vessels in the Red Sea and sent a warship to the vital trading route.
In the first trading session of the new year, Brent crude rose $1.28, or 1.7%, to $78.32 a barrel on Tuesday, while US West Texas Intermediate crude was at $72.69 a barrel, up $1.04, or 1.5%.
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