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Oil prices climbed today on the back of the re-imposition of U.S. sanctions against major crude exporter, Iran. Brent futures LCOc1 increased by 0.6%, at $74.17 per barrel. U.S. WTI crude futures CLc1 went up by 0.4%, traded at $69.31 a barrel. The countries including the allies of US in Europe as well as China and India are against the introduction of new sanctions.