Oil prices surge to six-month high as US gets tough on Iran embargo


Oil prices surged to their highest level in six months on global commodity markets after the US said it would take a harder line against countries that breach its oil embargo on Iran.

The move helped push up the price of Brent crude, the international benchmark, which climbed above $74 a barrel for the first time in six months this week.

* U.S. aims to cut Iran oil exports to zero

* Market concerned about reduced supply, oil price at 6-month high

* Iran threatens to close key waterway for oil tankers

* White House says working with Saudi Arabia, UAE to ensure supply (Updates with comments from buyers)

Geng Shuang, a Chinese Foreign Ministry spokesman, said at a daily news briefing in Beijing on Monday that it opposed unilateral U.S. sanctions against Iran and that China’s bilateral cooperation with Iran was in accordance with the law.

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