Oil Prices Rise as Iran Talks Stall And Amid Strong Summer Demand

Oil prices rose on Monday, boosted by strong summer demand and a pause in talks to revive the nuclear deal, which could signal a delay in the resumption of supplies to OPEC member Iran.

By the closing of Asian markets, Brent crude for August delivery was up 23 cents, or 0.3%, to $73.74 a barrel. US West Texas Intermediate crude for July delivery recorded $71.94, an increase of 30 cents, or 0.4%.

Both benchmarks have risen over the last four weeks amid optimism about the pace of global vaccination and an improvement in summer travel.

The recovery lifted premiums for spot crude in Asia and Europe to their highest levels in several months.

Negotiations to revive the Iran nuclear deal were suspended on Sunday after hardline judge Ebrahim Raisi won the presidential election there. Two diplomats said they expected a pause of about 10 days.