Oil prices rise 3% due to Iran's suspension of cooperation with UN nuclear watchdog

From Yahoo Finance: 2025-07-01 21:31:00

Oil prices rose 3% due to Iran suspending cooperation with the U.N. nuclear watchdog and a U.S.-Vietnam trade deal. Brent settled at $69.11 a barrel, while U.S. crude reached $67.45. Iran’s new law requires approval for nuclear site inspections, sparking geopolitical risk concerns. U.S. crude inventories unexpectedly rose by 3.8 million barrels, impacting market sentiment. Gasoline demand dropped to 8.6 million barrels per day. OPEC+ plans to raise output by 411,000 bpd, but Saudi Arabia had its biggest increase in shipments in over a year. The U.S. monthly employment report will impact interest rate cut expectations by the Fed and potentially boost oil demand.

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