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Oil market rallies amid threat of tighter US sanctions

​President Trump’s unilateral plans to tighten sanctions against Iran and pull out of the JCPOA agreement could see Iranian oil production and exports fall sharply. The threat has helped oil prices rally, with Brent now at US$77pb, up 40% from the end of 2016. Oil fundamentals are also tightening rapidly, due to decent demand growth and a sharp drop in output in Venezuela.

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