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Oil prices edged higher after an American official said the U.S. and Iran had agreed to halt attacks in a key shipping lane, raising hopes that hostilities would not escalate.
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Oil prices rose Sunday while U.S. stock-index futures advanced, after the U.S. and Iran reportedly agreed to halt attacks after repeatedly exchanging fire in the Persian Gulf over the weekend.
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U.S. sanctions on Iran, the rift between the U.S. and Saudi Arabia, and possibly higher ethanol content will unsettle gas prices for a while.
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