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Brent crude oil price goes past $74 as US/Iran talks stall

Ebrahim Raisi elected as leader of Iran

The price of Brent crude oil is creeping higher again on Tuesday, as demand keeps picking up, while talks between the US and Iran over the lifting of sanctions appear to be stalling.

Early this morning Brent crude oil went past the $74 mark, before retreating somewhat heading into the afternoon in the UK.

https://twitter.com/OilPriceHourly/status/1407231913501286405?s=20

Further to the US talks, Ebrahim Raisi has been elected as leader of Iran, which could add further complications, thereby delaying a final outcome.

“We support the negotiations that guarantee our national interests. … America should immediately return to the deal and fulfill its obligations under the deal,” Raisi said according to a Reuters translation

As the US and Europe continue their recoveries from the pandemic, energy demand appears to making a strong recovery.

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“Oil prices are on the march once more on supply concerns, helping to lift index heavyweights BP and Royal Dutch Shell and fuelling the FTSE 100’s rise,” said Russ Mould, investment director at AJ Bell.

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