Crude oil rose after IEA reported that Iran failed to co-operate with UN Nuclear officials in Tehran.

There are fears that a rise in crude prices is likely to derail a fragile economic recovery taking place around the world.

The last time crude prices rose to record levels in excess of $140 was followed by an economic recession.

Countries like India and China are particularly vulnerable to sharp increases in crude prices, as these countries export substantial amount of crude.

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