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Rise in crude values owing Iran sanctions threat and Venezuela shutdown

Oil prices rose to fresh highs for the year on Tuesday, after a US released statement about Washington considering more sanctions on Iran and key Venezuelan export terminal halted operations. Brent crude rose 26 cents, or 0.4 per cent, to $69.27 a barrel by 0025 GMT, having earlier touched $69.29, a new high for 2019.The US government is considering additional sanctions against Iran that would target areas of its economy that have not been hit before, a senior Trump administration official told reporters on Monday.The official also suggested that the US may not extend waivers from sanctions on Iranian oil exports to a group of eight importers which includes India and China's well that expire next month.