Crude Oil Price: Crude oil prices touched a three-week high in the global market on Thursday. The rapidly changing global situation has once again raised the possibility of an increase in crude oil prices in the international market. According to media reports, oil prices have increased in Asian markets.
According to experts, oil prices will likely increase in the international market. Saudi Arabia says that OPEC is considering reducing crude oil production. After this warning from Saudi Arabia, crude oil prices started to rise. Global benchmark Brent crude was at $100.22 a barrel on Tuesday. Any cuts by oil-producing countries could push up fuel prices.
Iran's oil is likely to return to the market
Experts also believe Iran's oil will likely return to the market if Tehran signs a nuclear deal with world powers. It has been said on behalf of American officials that Iran has indicated that it will back down a little from its terms on the nuclear deal issue.
Iran says it has received a positive response from the US to resume the 2015 nuclear deal. On the nuclear deal issue, there is still no official word on how favorable both Iran and the US are to resolving the remaining issues.