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Oil surges at start of 2016 trading on Saudi Arabia, Iran tensions

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Published Mon, Jan 4, 2016 · 09:50 PM

DeeperDive is a beta AI feature. Refer to full articles for the facts.

Singapore

OIL prices surged during the start of 2016 trading as relations between top crude producers Saudi Arabia and Iran deteriorated, raising concerns about potential supply disruptions, though weak Asian manufacturing data kept a lid on bullish expectations.

Saudi Arabia, the world's biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran. The diplomatic row between the two major oil producers escalated following Riyadh's execution of a prominent Shi'ite cleric on Saturday.

Oil prices

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