Iran, the world's third-largest oil exporter, figured in yesterday's price action. Analysts said the rise in futures prices stemmed from a blend of geopolitical unease, including a new raft of sharp U.S. economic sanctions on Iran. Markets were also digesting a midweek U.S. government report that pointed to declining crude-oil supplies in the U.S., with particularly strong demand for scarce light, sweet crude, which is easier to refine into fuels like gasoline.
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