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Title: Oil Up as G7 Debate Iran Nuclear DealJun 27, 2022 01:01AM ET

Jun 27, 2022 01:01AM ET

By: AnalysisWatch

Oil prices rose in Asia Monday morning as investors awaited further clues from this week's G7 meeting on Russian oil exports and a revival of the Iran nuclear deal.

At 12:56 AM ET, Brent oil futures were up 0.06% at $109.16 and WTI crude futures were steady at $107.62, with oil prices holding above the $100 per barrel level as crude and oil product supplies remained tight following Western sanctions on Russian oil.

Leaders of the Group of Seven (G7) are expected to discuss ways to address rising energy prices. Among the measures is a possible price cap on Russian crude and oil product exports, which could curb Russia's revenues while reducing the damage to other economies.

"It is unclear whether a price cap will lead to this outcome," Vivek Dhar, an analyst at Commonwealth Bank of Australia, said in a note.

"There is still nothing to stop Russia from banning exports of oil and refined products to G7 countries in response to a price cap, exacerbating shortage conditions in global oil and refining markets."

According to Reuters, the G7 countries will also discuss reviving nuclear talks with Iran after the EU's foreign policy chief tried to get the stalled negotiations back on track.

This week, traders' focus could be on a possible resumption of Iranian nuclear talks, which could lead to a revival of Iranian oil exports, "Tina Teng, an analyst at CMC Markets, told Reuters.

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