(Bloomberg) -- Oil climbed near $72 a barrel after the latest talks between world powers and Iran to revive a nuclear deal ended without an agreement, a day after the OPEC producer elected a new president.Futures in New York rose 0.5% after increasing for a fourth week. Diplomats adjourned a sixth round of meetings with significant gaps remaining to mend the accord, the third time since talks began in April that negotiators have missed self-imposed deadlines to rejuvenate the agreement. A revive
Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme and has been moving oil into place to prepare for an eventual restart, four traders and industrial sources said. The U.S. and Iran began in mid-June their sixth round of indirect talks on reviving a 2015 nuclear deal that former U.S. President Donald Trump pulled out of in 2018. Trump reimposed sanctions on Iran’s energy sector, leading refiners in many countries to shun Iranian crude and forcing Tehran to pump well below capacity.
This week, traders could be surprise by the announcement of a nuclear deal between the US and Iran.