Oil prices up over $1 as potential snag emerges in reviving Iran deal
Oil prices rose on Monday as a potential snag emerged in reviving the 2015 Iran nuclear deal that could add more oil supply, while Goldman Sachs said the case for higher prices remains intact even with increased Iran exports.
Brent crude oil futures for July rose $1.25, or 1.9%, to $67.69 a barrel by 0950 GMT, while U.S. West Texas Intermediate for July was at $64.73 a barrel, up $1.15, or 1.8%.
Oil prices fell almost 3% last week after Iran’s president, Hassan Rouhani, said the United States was ready to lift sanctions on his country’s oil, banking and shipping sectors.
However, the speaker of Iran’s parliament said on Sunday a three-month monitoring deal between Iran and the U.N. nuclear watchdog had expired and that its access to images from inside some Iranian nuclear sites would cease.
