Oil prices continue to rise

A new factor driving oil prices higher on Tuesday was the wildfires in the Canadian province of Alberta, which forced the halt of production by about 350,000 barrels per day, or about three-quarters of the amount of oil that OPEC+ increased this month. The market is also reacting to reports indicating a lower chance of reaching an agreement between the United States and Iran on their nuclear program. President Donald Trump said that the United States does not agree to any uranium enrichment in Iran, contradicting recent media reports. The chances of a relatively quick return of Russian oil to the broader market are also fading due to the Kremlin’s lack of signs of willingness to end the war with Ukraine.

At the close of the session on ICE, Brent crude oil from the leading August contract was up 1.55% to USD 65.63. This is its highest price since May 14. Over the next two sessions, the price of oil was up 4.5%. On NYMEX, the price of a barrel of WTI crude oil from the leading July contract was up 1.4% to USD 63.41. Over the two sessions, the price of this type of oil was up 4.3%. This is the highest price since May 13.