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(Oil jumps 2 percent in tightening market; traders tip more gains)

Oil prices rose about 2 percent on Monday as markets tightened ahead of Washington’s new sanctions against Iran, with some traders forecasting a spike in crude to $100 per barrel.

Brent crude futures (LCOc1) jumped to the highest level since May at $80.43 per barrel, and were up $1.57, or 2 percent, at $80.37 per barrel at 0642 GMT.

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