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Oil spikes as Israeli prime minister says Iran 'lied big time' on nuclear deal

Oil prices spiked early Monday morning, trading up more than a dollar from recent lows, as tensions between the Israel and Iran mounted.

  • Oil prices rose Monday as tensions between archenemies Israel and Iran ratcheted up.
  • Israeli Prime Minister Benjamin Netanyahu accused Iran of secretly pursuing nuclear weapons.
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Oil prices jumped Monday, after Israeli Prime Minister Benjamin Netanyahu accused Iran of secretly pursuing nuclear weapons Monday afternoon.

West Texas Intermediate crude oil was up 1.69% to $ a barrel at 1:30 p.m. ET. Brent, the international benchmark, rose 1.21% to $. Both had been down more than a dollar after a report out Friday showed US drillers added five oil rigs last week, raising the tally to 825, the highest level since March 2015.

The accusations come at a time of escalating tensions between Israel and Iran.

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Government outposts were attacked in missile strikes in northern Syria overnight, according to the Associated Press, killing dozens of pro-government fighters in the area — most of them Iranians. The Britain-based Syrian Observatory for Human Rights said Sunday night it suspects that Israeli forces carried out the attacks.

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