Brent Crude Surges 4.35% to Over $70 Amid US-Iran Nuclear Deal Differences
Brent crude oil surged 4.35% this Wednesday, surpassing $70 by the end of the session on the London Futures Market, due to differences in nuclear deal negotiations between the United States and Iran. North Sea crude, the European benchmark, finished this Friday at $70.35 on the Intercontinental Exchange (ICE) in the British capital, an increase of $2.93 from its last closing price of $67.42.
TL;DR
- Brent crude climbed 4.35% to settle above $70 a barrel.
- The increase is attributed to differences in US-Iran nuclear negotiations.
- Iran and the US acknowledge progress but disagree on the extent and red lines.
- OPEC+ plans to meet on March 1st to discuss resuming oil production increases in April.
- OPEC maintained its global oil demand growth forecasts for 2026 and 2027.