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US revokes Iran oil sanctions waiver after Strait of Hormuz strikes
Ariel Cohen is a D.C.-based contributor who covers energy and security
International Brent crude oil also rose 3% to more than $74 per barrel.
Oil prices rose more than five per cent following the announcement.
The massive decline in oil prices over the past few weeks has gifted the Trump administration with some unexpected leverage in its ongoing negotiations with Iran.
