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oil prices surging in the first week of the year greatness of blaming a rise in the Middle East pension , top crude producer Saudi Arabia and Iran cut off diplomatic ties pulling the execution of a prominent Shiite cleric by Saudi Arabia on Saturday waitress Amanda Cooper has been following the story couldn't hurt Iran well from what I gather talking to people in the market near the thinking is not really Iran and it will increase production by some five hundred thousand two million barrels a day once sanctions are lifted , the print claim be more than eight dollars sweetheart you're thirty eight fifty per barrel early on Monday later easing back , steel up over two percent , US benchmark crude up seventy seven cents , over two percent at thirty seven dollars eighty one apparel are the most recent Reuters Moncton Paul is offering an average bring our price of fifty two dollars fifty percent for this year now right , despite Monday's jump oil prices were still down to third tinsmith twenty fourteen or supply exceeds demand , make your producer but yes OPEC Russia and the United States pumping more than the world can use , analysts say that over supply could be as much as two million barrels a day