Oil futures moved sharply higher on Monday, with U.S. prices posting their highest settlement in a week, buoyed by some doubts that an Iran nuclear deal will be reached anytime soon. A lack of cooperation by Iran, as well as “skeptical comments about Iranian compliance” by U.S. Secretary of State Antony Blinken, both “lower the odds that a new agreement is reached and therefore, suggest sanctions are not likely to be lifted in the near to medium term,” said Tyler Richey, co-editor at Sevens Report Research. If a deal is reached and U.S. lifts sanctions on Iran, that would lead to more oil in the global market. West Texas Intermediate oil for July delivery rose $2.47, or 3.9%, to settle at $66.05 a barrel on the New York Mercantile Exchange, the highest front-month finish since May 17, FactSet data show.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.