Oil prices rose more than two per cent Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.
Brent crude futures rose $1.67 to $79.04 a barrel, a 2.2 per cent gain.
U.S. West Texas Intermediate (WTI) crude futures gained $1.95, or 2.9 per cent, to $69.49 a barrel.
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