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On Tuesday, oil prices climbed on the back of escalating tensions between US and Iran. The prices were supported by the signs of OPEC withholding supply this year. Brent increased by 0.1% and was traded at $72.03 per barrel. WTI went up by 0.2% and was traded at $63.22 per barrel. The prices were eyed by the concerns of economic slowdown due to Sino-U.S. trade war.