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Middle East tension hikes oil prices

04/02/2007
By NINA RACH
Escalation of political tensions Mar. 23-25 appeared to threaten Middle East supplies and set the stage for another likely spike in crude prices.Crude futures prices peaked at $62.65/bbl in intraday trading Mar. 23 in the New York market and settled at $62.28/bbl, up 59¢ for the day, after naval units of Iran’s Revolutionary Guard seized eight UK sailors and seven Royal Marines who had boarded a merchant ship for inspection in Iraqi waters of the Persian Gulf.Meanwhile, Iraqi Deputy Prime Minister Salam Zaubai underwent surgery Mar. 23 at a US military hospital after being injured in a double bombing in Baghdad in which nine people were killed. Iraqi police said a suicide bombe...
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