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Iranian Oil Ministry’s website SHANA quoted Oil Minister Bijan Zanganeh, as saying that Iran will not succumb to the US pressure and will use every possible way to export its oil.

Zanganeh said: “We will use every possible way to export our oil and we will not succumb to America’s pressure because exporting oil is Iran’s legitimate right.”  

Despite the broader market risk aversion, both crude benchmarks are higher about 1.5%, underpinned by supply disruption risks out of Iraq and Libya.