Oil rises as doubts over US-Iran deal heighten supply concerns

Oil prices edged higher as market participants grew skeptical about the prospects of a renewed nuclear deal between the United States and Iran. This uncertainty fuels concerns over global oil supply, as a potential lifting of sanctions on Iran could allow for increased crude exports. The market has been closely monitoring the indirect negotiations, with any indication of progress or setbacks significantly impacting price movements. Doubts over the deal's revival are currently lending support to oil prices, as traders factor in the possibility of continued tight supply. Analysts suggest that the ongoing ambiguity surrounding the US-Iran diplomatic efforts is a key driver of current market sentiment. Investors are weighing the potential downside of increased Iranian supply against the current geopolitical risks and production constraints from other major oil producers.