Oil climbs on supply concerns as Iran talks stall | Reuters

Oil climbs on supply concerns as Iran talks stall | Reuters

Oil prices gained about $1 on Monday as worries over tight supplies persisted after Germany warned of more sanctions on Russia and talks to revive the Iran nuclear deal paused.

Brent crude futures were up 94 cents, or 0.9%, at $105.33 a barrel by 0728 GMT while U.S. West Texas Intermediate crude was up 92 cents, or 0.9%. at $100.19.

Both contracts slipped $1 when markets opened on Monday but rebounded after Iran blamed the United States for pausing talks aimed at reviving their 2015 nuclear deal, which would allow a lifting of sanctions on Iranian oil supplies. read more

This added to concerns about tight supplies. Russian crude and oil products exports have been hit by Western sanctions and buyer aversion after Russia's invasion of Ukraine.

Germany said on Sunday that the West would agree to impose more sanctions on Russia in the coming days after Ukraine accused Russian forces of war crimes near Kyiv. Russia has rejected allegations of war crimes in what it calls a "special military operation" aimed at demilitarising Ukraine. read more