Oil Prices Rise as Iran Stall Talks
Oil prices rose on Monday, supported by strong summer demand, and US West Texas Intermediate crude for July delivery recorded $71.94, an increase of 30 cents, or 0.4 percent.
Oil prices rose on Monday, boosted by strong summer demand and a pause in talks to revive the nuclear deal, which could signal a delay in the resumption of supplies to OPEC member Iran.
By 06:22 GMT, Brent crude for August delivery was up 23 cents, or 0.3%, to $73.74 a barrel.
US West Texas Intermediate crude for July delivery recorded $71.94, an increase of 30 cents, or 0.4%.
Both benchmarks rose over the past four weeks amid optimism about the pace of global vaccination and an improvement in summer travel.
The recovery also raised premiums for spot crude delivery in Asia and Europe to their highest levels in several months.
"Recovering the demand in the northern hemisphere in summer is strong, adding further sharp declines in inventories to market concerns," ANZ analysts wrote in a note.
Negotiations to revive the Iran nuclear deal were suspended on Sunday after Ebrahim Raisi won the presidential elections. Two diplomats said they expected a 10-day layover.