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Oil rises as Saudis cut ties with Iran after embassy attacked

By Reporter
Saudi deputy crown prince and defence minister Mohammed bin Salman said the new Islamic military coalition would work to counter IS (AP)
Saudi deputy crown prince and defence minister Mohammed bin Salman said the new Islamic military coalition would work to counter IS (AP)

Oil gained for a second day as Saudi Arabia cut ties with Iran a day after its embassy in Tehran was attacked to protest the Saudis’ execution of a prominent Shiite cleric.

Futures rose as much as 3.5 percent in New York, extending Thursday’s 1.2 percent advance. Iran’s Supreme Leader Ayatollah Ali Khamenei warned of repercussions and protesters armed with rocks and firebombs attacked the Saudi embassy in Tehran on Saturday and set parts of the building on fire. The Middle East accounted for about 30 percent of global oil output in 2014, according to the Energy Information Administration.

Read the full article on our sister website Energy Voice.