Oil prices rose in early Asian trading on Tuesday due to growing supply concerns, as Iran appeared poised to reject a proposed U.S. nuclear deal that would be key to easing sanctions on one of the world’s largest oil producers, while wildfires disrupted production in Canada.
اضافة اعلان
Brent crude futures climbed 55 cents, or 0.85%, to $65.18 a barrel by 12:00 GMT. U.S. West Texas Intermediate (WTI) crude rose 59 cents, or 0.94%, to $63.11 a barrel, after gaining nearly 1% earlier in the session.
Both benchmarks had risen about 3% in the previous session after OPEC+ agreed to maintain its planned production increase of 411,000 barrels per day, a figure lower than some in the market had feared and consistent with the past two months' increases.
Geopolitical tensions further supported prices on Tuesday. An Iranian diplomat said on Monday that Iran was on the verge of rejecting a U.S. proposal to resolve the decades-long nuclear dispute, stating that the deal fails to serve Tehran’s interests or soften Washington’s stance on uranium enrichment.
If the U.S.-Iran nuclear talks collapse, sanctions on Iranian oil would remain in place, restricting supply and supporting higher oil prices.
Meanwhile, the ongoing conflict between Russia and Ukraine continues to fuel supply worries and raise geopolitical risk premiums.
Adding to supply fears, a wildfire in Alberta, Canada, has led to the temporary shutdown of some oil and gas production, potentially curbing output.
According to Reuters calculations, the wildfires have impacted over 344,000 barrels per day of oil sands production—around 7% of Canada’s total crude oil output.
