According to Reuters, Iran’s oil minister said that U.S. sanctions on Iran and Venezuela and tensions in Libya have made the supply-demand balance in the global oil market fragile. Oil prices have risen more than 30 percent this year on the back of supply cuts led by OPEC and U.S. sanctions on oil exporters Iran and Venezuela. Iran's Oil Minister said that “If they (the Americans) decide to increase pressures on Iran, the fragility will increase in an unpredictable way."

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