Petroleum prices closed over $ 1 per barrel on Tuesday (22), facing new US sanctions against Iran and a rise in the stock markets, which helped trigger a recovery after a strong decline in the previous session.
Future Brent oil prices rose US $ 1.18, or 1.8%, and closed at $ 67.44 per barrel. The West Texas Intermediate US (WTI) oil contract for May, which expired on Tuesday’s closure, rose $ 1.23, or 2%, to close at $ 64.32.
WTI’s June contract, more actively negotiated, also rose 2%, closing at $ 63.47.
On Tuesday, the US issued new sanctions against an Iranian tycoon of liquefied petroleum and oil liquefied gas transport and its corporate network.
Although negotiations between Washington and Tehran over the Iranian nuclear program have progressed over the weekend, the failure to reach an agreement can weigh a lot on Iran’s oil exports amid the hardening of US sanctions, said John Kilduff, a New York -based Again Capital partner.
“Either if it comes to a nuclear deal or the US try to bring Iran’s oil flows to zero, and increasingly looks like a zero flow scenario,” Kilduff said.
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An increase in stock markets, indicating higher risk appetite by investors, also helped oil prices, said Robert Yawger, an analyst at Mizuho.
The US bags rose on Tuesday, with investors focused on corporate profits, a day after President Donald Trump’s growing criticism of the Federal Reserve Chair, Jerome Powell, led to a strong sale.
The reference rates of Brent and WTI fell more than 2% on Monday due to progress in negotiations between the US and Iran and for the sale of stocks.
