Oil resumes rally as Iran reportedly wants to keep enriched uranium within the country
Oil prices have resumed their upward trend following a brief decline, influenced by mixed signals regarding negotiations with Iran. The Iranian leadership's decision to retain enriched uranium has raised concerns about prolonged disruptions in oil supply. As travel demand increases, the International Energy Agency warns that oil markets may soon face significant challenges due to depleting global stocks.
- ▪Oil prices rose after three consecutive days of decline.
- ▪Iran's leadership has decided to keep enriched uranium within the country.
- ▪The International Energy Agency cautions that oil markets could enter a 'red zone' as global stocks deplete.
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Oil prices resumed their rally Friday after declining for three straight sessions as investors weighed mixed messaging on Iran peace deal negotiations.While statements from the U.S. had signaled the peace deal was imminent, Iranian leadership's reported stance of keeping enriched uranium within their country has raised worries of an extended conflict, keeping oil supplies disrupted for longer. July futures for international benchmark, Brent crude, gained 1.9% to $104.52 a barrel in early Asia trading, while U.S. West Texas Intermediate futures for June advanced 1.5% at $97.81 per barrel.Iran's Supreme Leader Ayatollah Mojtaba Khamenei issued a directive that near-weapons-grade uranium in the country should not be sent abroad, Reuters reported, citing Iranian sources. This comes after U.S.
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