Oil Rises as Risk of Resuming Iran Supply Recedes

Oil prices rose on Tuesday, June 15, as Brent crude posted gains for the fourth consecutive session as prospects for the return of additional supplies to the market from Iran faded as talks about the United States rejoining the nuclear deal with Iran slowed.

Brent crude rose 38 cents, or 0.5%, to $73.24 a barrel, and had risen 0.2% on Monday. US crude gained 33 cents, or 0.5%, to $71.21 a barrel, after losing three cents in the previous session.

Indirect talks between Tehran, Washington and other parties on reviving the 2015 Iranian nuclear agreement resumed on Saturday in Vienna, and the European Union described the negotiations as intense.

The return of the United States to the agreement paves the way for the lifting of sanctions on Iran, allowing the OPEC member to resume crude exports.