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Oil price climbs amid Middle East tensions

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The oil price continued to surge on Monday in the wake of ongoing tensions between the US and Iran.

The price of Brent crude rose to above $70 a barrel in early trading, up 2% from Friday’s close.

The last time it closed above $70 was May 2019.

The price of oil has been climbing over concerns of disruption to supplies since the US and Iran both threatened retaliation following the assassination last week of top Iranian General Qasem Soleimani.

Iran called the attack ‘a criminal act’.

The country’s supreme leader, Ayattollah Ali Khamenei, reportedly pledged a military response to the attack.

Meanwhile, on Sunday US president Donald Trump tweeted: “They attacked us, & we hit back. If they attack again, which I would strongly advise them not to do, we will hit them harder than they have ever been hit before!”

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