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Investors are also closely watching rising tensions between Western powers and Iran, the world's third-largest crude exporter. Iranian lawmakers are pushing a plan to halt crude exports to Europe before the European Union begins an oil embargo this summer. The EU embargo is part of a broader strategy by Western nations to pressure Iran to abandon a nuclear program that the U.S. and other nations believe is developing weapons. On Monday, President Barack Obama announced sanctions on Iran's central bank that will make it harder for Iran to sell its oil to other countries. "As tensions between Iran and the West escalate, the risk to crude oil prices is becoming increasingly skewed to the upside," Goldman Sachs said. In other energy trading, heating oil was down 0.7 cents at $3.18 per gallon and gasoline futures fell 0.4 cents to $2.92 per gallon. Natural gas added 0.8 cents to $2.48 per 1,000 cubic feet.
[Associated
Press;
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