Oil prices on the rise with rising tensions between Saudi Arabia and Iran

Closed Embassies, crowded streets. Here, an anti-Saud demonstation in Iran. Screen capture from video at source.

TVzvezda, January 4, 2016
Translated from Russian by Tom Winter

Oil prices are sharply higher on world markets due to tensions between Saudi Arabia and Iran, according to Reuters.

The cost of crude oil now stands at 38.1 dollars per barrel. This is 2.9% higher than the previous. Brent soared to 38.46 dollars per barrel.

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The cost of raw materials rose on the background of the conflict between Iran and Saudi Arabia. On January 3 it was reported that the Saudi authorities executed 47 people, including well-known Shiite preacher Nimrah al-Nimrah, igniting a wave of protests across the Middle East.

Saudi Arabia, the world’s largest oil exporter has officially announced the severance of relations with Iran. Riyadh has accused Iran of excessive interference in the internal affairs of Saudi Arabia. Tehran has said that the execution of al-Nimrah will not go unpunished.

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