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Crude oil futures end marginally higher as traders eye Iran nuclear talks

26 May 2021 Evaluate

Crude oil futures ended marginally higher on Tuesday as traders kept an eye on developments in talks aimed at reviving the Iran nuclear deal. Traders looked to be weighing the likely impact a prospective deal that could result in the US lifting sanctions on Iran might make on global crude supply. Iran and the UN nuclear watchdog said that they are extending a recently expired monitoring agreement by a month, giving negotiators in Vienna time to revive the nuclear deal from which the US withdrew in 2018. Meanwhile Iranian President Hassan Rouhani said Monday the US has no other option than to lift all sanctions on Iran, which were imposed under former US President Donald Trump.

Crude oil futures for July gained $0.02 to settle at $66.07 barrel on the New York Mercantile Exchange. July Brent crude rose $0.19 or 0.3 percent to settle at 68.65 a barrel on London's Intercontinental Exchange.