Persian Gulf violence; oil prices rise
AP / Washington Post
12-Jul-2012

NEW YORK — Fears of violence in the Persian Gulf escalated Thursday, pushing the price of oil higher. The Obama administration slapped Iran with more sanctions aimed at stifling its nuclear program. Traders, who worry that the sanctions will eventually lead to a military conflict in the [Persian] Gulf, responded by buying oil.
“This just puts the risk back out there,” said Phil Flynn, an oil analyst with Price Futures Group....

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