Oil price will rise further due to delays in talks with Iran

Oil prices are expected to rise further this week due to delays in concluding nuclear talks with Iran and the possible return of Iranian crude to world markets, which are already suffering from Russian supply disruptions, they said. analysts.}

Russia has raised a new demand for US assurances in writing that sanctions on Moscow over its invasion of Ukraine will not harm Russian cooperation with Iran. China also raised new demands, according to the sources.

Last week, the benchmark Brent index rose 21%, closing at $118.11 a barrel, while US crude gained 26%, to $115.68, levels not seen since 2013 and 2008, respectively, as Russia struggled. for selling oil amid new sanctions.

“Iran was the only real bearish factor hanging over the market, but if the Iranian deal is now delayed, we could bottom out much faster, especially if Russian barrels stay out of the market for too long.”, said Amrita Sen, co-founder of the think tank Energy Aspects.

Sen said Brent could rise to $125 on Monday, fast approaching an all-time high of $147 last seen in 2008. JP Morgan analysts this week said crude oil could soar to $185 a barrel this week. anus.

Russia exports around 7 million barrels per day of oil and refined products, 7% of world supply. Some volumes of Kazakhstan’s oil exports from Russian ports have also faced complications.

It will take several months for Iran to restore oil flows even if it reaches a nuclear deal, analysts said.