Iran's light crude closes to $74 per barrel

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International tensions and the US threats to slash Iran's oil exports led to rising oil prices in the recent weeks.

On May 8, US President Donald Trump announced his country's exit from Iran nuclear deal, saying Washington will reinstate the unilateral sanctions on Iran within 90 to 180 days.

Although Trump's decision received opposition from many countries, including the five remaining signatories to Iran deal, and while the Europeans have begun new efforts to neutralize the effects of US sanctions on the European companies, the oil market was quickly affected by the decision.

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