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The U.S. and Europe have imposed sanctions while Iran has threatened to halt crude tankers passing through the Persian Gulf's Strait of Hormuz Any new aggressive rhetoric from Iran or others over the nuclear issue could easily push oil up by $2 to $3 a barrel, Energy consultant and trader Ritterbusch and Associates said in a report. Speculation that the U.S. Federal Reserve is considering a third round of Treasury bond purchases, known as quantitative easing, has also boosted crude prices since it would weaken the dollar, making crude cheaper for holders of other currencies. The program would be designed to increase the money supply and lending to spur economic growth. In other energy trading, heating oil fell 1.2 cents to $3.26 per gallon and gasoline futures fell 0.7 cent at $3.31 per gallon. Natural gas advanced 1.5 cents at $2.29 per 1,000 cubic feet.
[Associated
Press;
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