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Iran’s Oil Minister Bijan Zanganeh crossed the wires in the last minutes, calling the U.S. sanctions on its exports a bad mistake of “politicising oil and using it  as a weapon.”  

“We will act wholeheartedly to break the U.S.  sanctions,” Zanganeh added.

Earlier in the session, Reuters reported that Saudi Arabia was planning to ramp up its crude oil output in response to the U.S. actions. The barrel of West Texas Intermediate, which advanced to its highest level since November of 2018 at $66.17, was last seen trading at $65.70, where it was virtually unchanged on the day.