Oil futures climbed on Monday, with U.S prices extending their gain to the highest levels since 2018. Oil’s relentless rise has continued with “positive news in all directions,” said Manish Raj, chief financial officer at Velandera Energy. “Continued economic recovery after the pandemic and robust demand growth have resulted in a tight physical market,” he said. The recent Iranian election results, meanwhile, “indicate that a nuclear deal with Iran, and hence Iranian supply growth, remain elusive.” West Texas Intermediate oil for July delivery rose $2.02, or 2.8%, to settle at $73.66 a barrel on the New York Mercantile Exchange.
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