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Oil prices rise on geopolitical risks

Oil prices rise on geopolitical risks

Mubasher: Oil prices went up on Thursday, nearing its highest levels since 2014.

Nymex futures for June delivery increased by 0.3% to $71.36 per barrel.

Brent crude also rose by around 0.4% reaching $77.55 a barrel.

The rise in oil prices comes after the United States decided to pull out of the Iran nuclear deal, further raising geopolitical risks and tensions in the Middle East and increasing fears of a potential drop in supplies.