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Oil Prices Up Over $1 Amid Potential Iran Talks Hitch

Oil prices surged in London as a possible obstacle to restoring the 2015 Iran nuclear agreement arose, which may boost the supply of oil. Goldman Sachs said the justification for higher pricing remained strong even with greater Iran exports.

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By 0950 GMT, July Brent crude oil futures were up $1.25, or 1.9%, to $67.69 per barrel, while July US West Texas Intermediate was up $1.15, or 1.8%, to $64.73 per barrel.

After Iranian President Hassan Rouhani declared that the United States was prepared to relax sanctions on his country’s oil, banking, and shipping industries, oil prices dropped by about 3% last week.

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Last week, European officials warned that the 2015 Iran nuclear deal might be jeopardised if Washington and Tehran were unable to reach an agreement on an extension of the monitoring agreement. This week, those negotiations are set to pick up in Vienna.

The argument for higher oil prices is still valid despite a probable restart of Iranian shipments because of a surge in global demand brought on by vaccines, according to Goldman Sachs analysts.

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