On Tuesday, the oil market is on the rise again, as the declining prospects for an agreement on the Iranian nuclear program are supporting prices in the near future. The cost of August futures for Brent was $73.80 per barrel, which was the highest in the last two years. The price of WTI futures for July reached $72 per barrel during the day. Analysts doubt that talks on the Iranian deal will end before the Iranian presidential elections, scheduled for June 18. And if the new government takes a different position in the negotiations, then reaching an agreement may be further slowed down. Iran is expected to increase supplies from its current 2.4 million bpd to 2.6 million bpd in the third quarter and to 3 million bpd in the fourth quarter. However, if negotiations drag on indefinitely, these deliveries will be in question. At the same time, if Iran does not restore exports in the near future, the OPEC+ countries will have to further increase production volumes in order to meet the expected demand.
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