Lifting sanctions on Iran will allow Iran to pump more oil into the market.
Oil prices experienced limited increases on Tuesday, pressured by the possible removal of Iranian sanctions should the US agree to do so in the resumption of talks with Iran.
International benchmark Brent crude was trading at $92.75 per barrel at 0615 GMT with a 0.06% gain after closing the previous session at $92.69 a barrel.
American benchmark West Texas Intermediate (WTI) traded at $91.45 per barrel at the same time for a 0.14% rise after it ended the previous session at $91.32 a barrel.
The US and Iran are expected to resume talks later in the day after a 10-day hiatus. The US had restored some sanctions waivers, but Iran wants the removal of all sanctions and a guarantee that the US will not take any further retributive action.
Lifting the sanctions will allow Iran to pump more oil into the market, increasing global supplies.
Regardless, experts believe the outcome of US-Iran talks on oil prices will be temporary and that prices will likely increase further if there is a supply deficit in the global oil market.
(Anadolu Agency, Febryary 8, 2022)
