Oil prices rose over 1% on Tuesday due to U.S. sanctions on Iran and anticipation of OPEC+ maintaining cuts. Brent settled at $69.14 a barrel, WTI at $65.59. The U.S. sanctioned a network smuggling Iranian oil. Talks with Iran stalled, influencing prices. OPEC+ will meet on September 7 to discuss supply cuts and market support.

Investors expect OPEC+ to maintain voluntary cuts by members like Saudi Arabia and Russia. More data is needed post-summer driving season before decisions. Saudi Aramco and Iraq’s SOMO ceased crude sales to India’s Nayara Energy due to EU sanctions. Concerns arise about oil availability in the market amidst sanctions.

A summit attended by Xi Jinping and Vladimir Putin challenged U.S. global influence, impacting oil prices. Indian PM Narendra Modi attended the summit. U.S.-India trade talks, secondary sanctions, and U.S. reactions may affect oil prices. Expectations of U.S. data showing crude draw and Ukrainian drone attacks on Russian facilities also impact prices.

India is discussing a bilateral trade agreement with the U.S. after tariff increases on Indian goods. The U.S. summer driving season ended, influencing market demand. Ukrainian drone attacks on Russian facilities and Kazakhstan’s increased oil output contribute to market dynamics. Oil prices are influenced by global geopolitical events and supply disruptions.

Read more at Yahoo Finance: Oil settles up 1% after US imposes sanctions targeting Iranian oil