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Saudi-Iran Tension Affects Crude Oil Price

The tension between Saudi Arabia and Iran has caused a fluctuation in oil prices as crude oil rise from 3.3% to $38.50 (£26.17) a barrel at one stage.

However, the economic data coming out of China triggered fears about a downturn in economic growth, and sentiment about the world economy was knocked further by figures coming out of the US. Brent was down 13 cents at $37.14.

Saudi Arabia and Iran are the most powerful members of the Organisation of the Petroleum Exporting Countries, OPEC.

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