Oil rises on Iran, Russia and Canada supply concerns
Oil prices saw a rise in early Asian trade on Tuesday. This increase is due to supply concerns. Iran is likely to reject a U.S. nuclear deal. This could keep sanctions in place. Production in Canada is also affected by wildfires. OPEC+ agreed to maintain output increases for July. The Russia-Ukraine conflict continues to fuel supply worries.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Oil prices rose in early Asia trade on Tuesday on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, and with production in Canada hit by wildfires. Brent crude futures gained 55 cents, or 0.85%, to $65.18 a barrel by 0000 GMT. U.S. West Texas Intermediate crude was up 59 cents, or 0.94%, to $63.11 a barrel, after rising around 1% earlier in the session.Both contracts gained nearly 3% in the previous session after OPEC+ agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as in the previous two months. Geopolitical tensions supported prices on Tuesday. Iran was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment.If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices.The ongoing conflict between Russia and Ukraine continued to stoke supply concerns and geopolitical risk premiums.Adding to supply worries, a wildfire in the province of Alberta in Canada has prompted a temporary shutdown of some oil and gas production, which could reduce supply.According to Reuters calculations, wildfires in Canada have affected more than 344,000 bpd of oil sands production, or about 7% of the country's overall crude oil output.The big jump in oil prices on Monday mostly reflected relief that the Organization of the Petroleum Exporting Countries and allies, including Russia, did not go ahead with a largerproduction hike than in the previous two months."With the worst fears not panning out, investors unwound their bearish positions they had built prior to the weekend's meeting," Daniel Hynes, senior commodity strategist at ANZ, said in a note.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
6 minutes ago
- Time of India
US expected to block Gaza ceasefire vote at UNSC
The UN Security Council will vote Wednesday on a resolution calling for a ceasefire and unrestricted humanitarian access in Gaza , a measure expected to fail due to a US veto. It is the 15-member body's first vote on the subject since November, when the United States , a key Israeli ally, also blocked a text calling for an end to fighting. The new resolution "demands an immediate, unconditional and permanent ceasefire in Gaza respected by all parties." It also calls for the "immediate, dignified and unconditional release of all hostages held by Hamas and other groups." Underlining a "catastrophic humanitarian situation" in the Palestinian territory , the resolution additionally demands the lifting of all restrictions on the entry of humanitarian aid into Gaza. Live Events It will be put to vote at 4:00 pm Wednesday (2000 GMT), but several diplomats indicated to AFP that they expected the US to wield its veto power. They added that the representatives from the 10 elected members of the Council, who will introduce the text, tried in vain to negotiate with the American side. The veto, if applied, would be the first by Washington since US President Donald Trump took office in January. Israel has faced growing international pressure to end its war in Gaza, which was triggered by the unprecedented October 7, 2023 attack by Hamas on Israeli soil. That scrutiny has increased over flailing aid distribution in Gaza, which Israel blocked for more than two months before allowing a small number of UN vehicles to enter in mid-May. A US-backed relief effort called the Gaza Humanitarian Fund (GHF) has also come under criticism for going against long-standing aid principles by coordinating relief efforts with a military belligerent.
Time of India
17 minutes ago
- Time of India
Profit takes a backseat for birds at this adventure park
Vadodara: It all started with a flutter of feathers on a 50-foot bungee platform. A few summers ago, Bandish Shah, a Vadodara-based businessman and nature enthusiast, spotted an Indian pitta — a small, vibrantly colored bird — nesting atop a popular ride in the adventure zone of his resort in Dabhoi. Most people would've ignored it. But Shah did something unexpected: he shut the ride down. "The adventure zone was bustling during the summer holidays, but I couldn't let thrill rides endanger nesting birds," recalls Shah. That one incident changed everything. Soon, he discovered that this wasn't a one-time occurrence. The dense green canopy surrounding the adventure zone had become a seasonal refuge for several birds — from Indian pittas and Asian paradise flycatchers to fork-tailed drongos and orange-headed thrushes. Many of these species, including migratory ones, return year after year to nest during summer — coinciding with the peak tourist season. Faced with a choice between ecology and economy, Shah chose the birds. Since then, he has made it a rule: if a bird nests too close to any ride, that activity is shut down — regardless of footfall or profits. "If hundreds of visitors use the rides daily, it disturbs the birds. And they may never return," Shah told TOI. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo "So I decided their safety comes first." The decision comes at a cost. Shah estimates that he loses lakhs of rupees annually by keeping the adventure zone partially or fully closed during nesting periods. Yet, he remains unfazed. "I am a nature enthusiast. Disturbing other living beings for entertainment is the last thing I'd want. Revenue can be recovered. Lost wildlife, once gone, doesn't return," he says. It isn't just the rides that have been adjusted. Once echoing with loud DJ music, the zone now embraces silence. All artificial lights are turned off at night. The goal: create a space where birds feel safe — not threatened — by human presence. Shah's resort, spread across 120 acres, is a green sanctuary by design. Only 10% of the land has construction — mostly using natural materials. The rest is a vibrant forest of native trees, nurtured over the past 15 years as part of his eco-tourism vision. Today, the area hosts over 155 species of birds, some of which return annually to breed. "We also plant thousands of indigenous saplings every year in and around the property," Shah adds. "It's about long-term conservation, not short-term gain."
Time of India
21 minutes ago
- Time of India
Acting on Delhi's call, Iran rescues 3 Indians
India collaborated with Iran to secure the release of three Indian citizens allegedly abducted by a Pakistani gang in Tehran. Following diplomatic efforts, the release was announced by the Iranian embassy. Ransom calls from Pakistani numbers raised suspicions of ISI involvement, potentially aiming to portray the kidnapped men as spies. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India worked closely with the Iranian government to secure the release of three Indians who were allegedly abducted by a Pakistani gang from the southern part of Tehran last release of the missing Indians was announced by the Iranian embassy in Delhi late Tuesday night, following hectic diplomatic engagements between India and Iran on the was suspected that Pakistan's Inter-Services Intelligence (ISI) would have showcased the kidnapped Indians as "spies" working in Pakistan, said people familiar with the families of the three Indians, who went missing in Iran, had received ransom calls from Pakistani phone numbers, raising suspicion of ISI's hand in the incident, ET had reported last three Indians, who went missing in Iran on May 1 after landing in Tehran, were identified as Hushanpreet Singh, from Punjab's Sangrur district, Jaspal Singh from SBS Nagar and Amritpal Singh, from Hoshiarpur agent in Punjab had promised the three men to send them to Australia via the Dubai-Iran route. The Indian government is also probing whether the agent had any links with the Pakistan government, according to the people. The agent from Hoshiarpur who sent the men to Iran is reportedly missing."Family members of 3 Indian citizens have informed the Embassy of India that their relatives are missing after having travelled to Iran. The Embassy has strongly taken up this matter with the Iranian authorities, and requested that the missing Indians should be urgently traced and their safety should be ensured," the Indian Embassy in Iran had recently said in a Iran urged Indians to apply caution while travelling to other countries and not fall prey to illegal agencies. This is the second case of Indians who went missing in Iran over the past one year.
