Crude prices are extending gains over two year high as the oil producing nations remain optimistic on demand. WTI crude prices are up by over 2% and Brent crude marched above $70 a barrel at close for the first time since 2019.
Crude prices which are hovering around the highest level since October 2019 have already gained 40% this year. Supporting the price despite increase in supply from OPEC+ nations is the delay in Iran talks. Supply from Iran is unlikely to ener the market before August as talks on the nuclear accord continued to be delayed.
This rise in crude prices spells bad news for importing nations such as India where fuel prices are already at record high across the nation.