Oil prices jumped in early trading of its first session in the new year as relations between major crude producers Saudi Arabia and Iran deteriorated, although tumbling Asian manufacturing and stock data kept a lid on bullish expectations. Saudi Arabia, the world’s biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran. The diplomatic row between the two major oil producers escalated following Riyadh’s execution of a prominent Shi’ite cleric on Saturday. But early price gains were reined in by concerns over Asia’s slowing economies as China’s main stock markets tumbled 7 percent and trading had to be suspended. This followed reports that China’s factory activity shrank for a 10th straight month in December and surveys across Asia showing industry struggling with […]