Oil climbs but markets shrug off US-Iran deadlock
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Hong Kong: Oil prices rose on Monday as markets largely brushed off the ongoing deadlock between the U.S. and Iran regarding the 2015 nuclear deal. Despite the lack of progress in diplomatic talks, global demand remains robust, driving Brent crude toward $70 per barrel.
Investors appear more focused on the tightening global supply and the rapid recovery of fuel consumption in major economies like the U.S. and Europe. While a potential return of Iranian oil remains a factor, analysts suggest the market has already "priced in" much of the uncertainty.
For now, the energy sector is betting on a strong summer travel season to keep prices on an upward trajectory
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