Russia's invasion of Ukraine and the lack of an Iranian nuclear deal continues to weigh on market
London — Oil rose above $105 a barrel on Monday as concern about tight supply arising from Russia's invasion of Ukraine and the lack of an Iranian nuclear deal persisted despite countries releasing oil from strategic reserves.
Brent crude was up 63c, or 0.6%, to $105.02 a barrel by 10.05am. U.S. West Texas Intermediate crude gained $1.08, or 1.1%, to $100.35. Both contracts slipped $1 when markets opened on Monday. Brent dropped by about 13% last week after US President Joe Biden announced a record US oil reserves release and International Energy Agency members committed to further tapping reserves. Crude had hit $139 last month, its highest since 2008.
Oil also gained support from a pause in talks to revive the Iranian nuclear deal, which would allow a lifting of sanctions on Iranian oil. Iran on Monday blamed the US for the halt.
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