Oil Rises to $142 on Weak Dollar, Iran Tensions

Oil rose around $2 on Tuesday after the International Energy Agency revived concerns about long-term supply shortages and tension between Israel and Iran raised fears about possible outages in the much nearer term. On Monday, U.S. crude hit an all-time high of $143.67 a barrel in intra-day trade, but later eased, with traders citing evidence high prices were eroding demand, especially in the United States. On Tuesday, the IEA’s medium-term outlook said world oil demand would rise less than previously forecast, but it also said supply would be tighter than anticipated. Speculation has mounted that Israel plans to attack Iran’s nuclear facilities, which Iran says are for purely peaceful purposes, following a big Israeli air force exercise last month.

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