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NEW YORK, NNC — World oil prices were higher in late trading Monday, as market participants observed developments surrounding a nuclear deal with Iran.
According to CNCBC, Israeli Prime Minister Benjamin Netanyahu on Monday (4/30/2018) revealed the file he claims showing Iran running a secret program to produce nuclear weapons.
The statement was given following his meeting over the weekend with US Secretary of State Mike Pompeo about Iran’s nuclear deal.
The Trump Administration says it will pull the United States out of a nuclear deal with Iran next month, if it cannot reach an agreement with European partners to tighten the terms of the agreement.
Analysts say if sanctions against Iran are applied again, it could contribute to tightening global oil inventories.
The US benchmark, West Texas Intermediate (WTI) for June delivery, rose US$0.47 to settle at US$68.57 per barrel on the New York Mercantile Exchange.
Meanwhile, the global benchmark, Brent crude for June delivery, added US$0.53 to close at US$75.17 per barrel on the London ICE Futures Exchange.
Earlier, analysts pointed to the possibility of a rebound in oil prices since market concerns over reintroduction of US sanctions against Iran, the third largest producer in the Organization of Petroleum Exporting Countries (OPEC).
The United States has until May 12 to decide whether to stop a nuclear deal with Iran and re-impose sanctions on the major oil-producing country.
