ISLAMABAD
\nCrude oil prices rose slightly on Monday amid supply concerns despite renewed diplomatic efforts to resolve the Russia-Ukraine crisis.
\nAs of 1305 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $0.60 (+0.64 percent) to reach $94.14 a barrel. On the other hand, the US West Texas Intermediate (WTI) price reached $91.60 a barrel, up by $0.53 (+0.58 percent). Both benchmarks reached multiple-year highs last week amid fears of possible supply constraints due to Russia-Ukraine tensions.
\nThe price for Opec Basket was recorded at $95.32 a barrel with an increase of 0.62 percent, Arab Light was available at $92.08 a barrel with an increase of 0.63 percent and the price of Russian Sokol went up to $94.69 a barrel with 0.38 percent increase.
\nThe recent oil rally started to subside late last week, following reports that a US-Iranian deal to revive the 2015 nuclear agreement, also known as the JCPOA (Joint Comprehensive Plan of Action), was close to being agreed upon. A senior EU official said on Friday that the deal is expected \u201cin the coming two weeks or so,\u201d but that success depended on the political will of the negotiating parties.
\nOn Sunday, Iranian lawmakers announced six conditions for the revival of the agreement in a letter to President Ebrahim Raisi. The letter stated, among other things, that the deal may come through if all sanctions on Iran are lifted and if Washington guarantees to introduce no more sanctions or other punitive steps against Tehran in the future. Iranian Foreign Minister Hossein Amirabdollahian said on Saturday that a statement by the leaders of the US Senate and House of Representatives to back the nuclear deal would be a sufficient \u201cpolitical guarantee.\u201d
\nIf Iran goes through with the deal, the global market could gain a large influx of crude from the second half of 2022 onwards, experts said, which would calm worries of crude supply shortages.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Crude oil prices rose slightly on Monday amid supply concerns despite renewed diplomatic efforts to resolve the Russia-Ukraine crisis. As of 1305 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $0.60 (+0.64 percent) to reach $94.14 a barrel. On the other hand, the US West Texas Intermediate (WTI) price […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":{"0":"post-245766","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n