Oil price set to surge further on Iranian talks delays

[admin]

Oil prices are set to surge further this week due to delays to the conclusion of Iranian nuclear talks and the potential return of Iranian crude to global markets, which are already suffering from Russian supply disruptions, analysts said. Russia has raised fresh demand for written U.S. guarantees that sanctions on Moscow over its invasion of Ukraine would not harm Russian cooperation with Iran. Last week, the Brent benchmark rose 21% to close at $118.11 a barrel and U.S. crude gained 26% to close at $115.68, levels not seen 2013 and 2008, respectively, as Russia struggled to sell oil amid fresh sanctions.