Oil prices hit highest in years as markets adjust to looming sanctions on Iran

U.S. West Texas Intermediate (WTI) crude futures also marked a November-2014 high, at $71.75 a barrel, and they still stood at $71.67 a barrel at 0219 GMT, up over half a dollar, or 0.7 percent, from their last settlement. In China, which is Iran's single biggest buyer of oil, Shanghai crude futures posted …

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