While oil prices rose on Monday as a potential obstacle to oil supply emerged in the resurgence of the 2015 Iran nuclear deal, the situation regarding the potential to rise in prices remained unchanged despite Iran’s increased exports.
Despite the potential resumption of Iranian exports, high oil prices were not greatly affected by the vaccine-induced increase in global demand.
Brent crude oil futures for July rose 72 cents, or 1.1%, to $ 67.16 at 0651 GMT, while West Texas Intermediate (WTI) increased 67 cents or 1.1% for July to $ 64.25.
Donald Trump pulled the US out of the deal in 2018 and re-imposed sanctions.
Oil prices fell almost 3% last week after Iran said the US was ready to lift sanctions on the oil, banking and shipping sectors.
Iran’s oil production has increased in recent months, in anticipation of lifting sanctions.
However, Iran said in a statement Sunday that the three-month monitoring agreement between Tehran and the United Nations nuclear watchdog has expired and will end Iran’s access to images at some of its nuclear facilities.
European diplomats said last week that the failure to extend the monitoring agreement would trigger broader and indirect talks between Washington and Tehran on turning the 2015 Iran nuclear deal into a crisis. These talks will continue this week in Vienna.
Expectations are strong that Brent prices may reach $ 80 a barrel in the late third to fourth quarter of 2021, according to some analysts.
Meanwhile, the National Hurricane Center said in a post on its website late Sunday that a tropical hurricane is not expected to occur in the next five days.
