Oil Rises on Optimism About a Quick Recovery in Global Demand

Crude oil prices rose on Tuesday, with Brent hitting $75 a barrel for the first time since April 2019, as investors remained optimistic about a quick recovery in global oil demand and as concerns eased about an early return of Iranian crude.

Brent crude futures for August delivery rose 29 cents, or 0.4%, to $75.19 a barrel, offsetting losses incurred earlier. The contracts rose to $75.27 a barrel, the strongest since April 25, 2019, earlier in the session.

US West Texas Intermediate crude futures for July delivery were $73.66 a barrel, unchanged from the previous session.

Contracts for August delivery rose 0.2%, to $73.25 a barrel.

Brent gained 1.9% and West Texas Intermediate crude jumped 2.8% on Monday.