As per the trusted reports, oil prices rose significantly on Tuesday. Brent has been witnessing significant gains for the fourth consecutive time. This is due to the extra oil supply expected to reach the market in some time from Iran, faded with the talks dragging from the US about the country rejoining the Nuclear agreement made with Tehran.
Brent Crude has significantly reported a spike of 0.2%, amounting to a total of USD 73.03 per barrel.Further, the US oil prices also surged by 15 cents, reaching 0.2%, a point of USD 71.03 per barrel, after witnessing a drop of 3 cents in the previous session.
As per the statement by the ING economist, it is doubtful to see the United States join the Iranian Nuclear deal again, just before the Iranian presidential elections were held later this week.Still, the oil prices were away from their highs, which is likely to trip in the negative territory.