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Oil prices ramped up in the international market on Monday, climbing on the back of escalating tensions in the Middle East and as US threats to impose sanctions on Iraq. Brent crude futures LCOc1 soared 2.4%, to a high of $70.27 a barrel. US WTI CLc1 crude rose 2.1%, to $64.39 a barrel. President Trump yesterday threatened to enforce sanctions on Iraq if the country forced U.S. troops to withdraw.