Brent rises for second day after Ebrahim Raisi wins Iranian elections

Brent crude rose as the US the US market opened on Monday, extending gains for the second straight day, thanks to a strong global demand outlook, while fears over the return of the Iranian exports receded due to the suspension of the Iranian nuclear talks after the election victory of the hardline Iranian president Ebrahim Raisi.

Brent crude rose 1.2% to the level of $74.20 a barrel, from the opening level at $73.32, and recorded the lowest level at $73.32.

Brent crude rose 1.2% to $74.20 a barrel, after opening at $73.32, and hit a low at $73.32.

Brent crude rose 0.2% on Friday, in the first gain out of 3 days as profit-taking from a 2-year high of $74.94 stopped.

Oil prices rose 0.8% last week, the fourth straight weekly gain, thanks to growing indicators on the global oil demand recovery.

Thanks to progress in Covid-19 vaccination, most major countries started to ease their lockdown restrictions, especially travel restrictions, which portends increased fuel consumption.

Ebrahim Raisi has won the Iranian presidential election with a 48.8%, which is sparked a great concern to the international community, especially as Raisi is is under US sanctions for human rights abuses due to death sentences against political prisoners.

In response, talks to revive the Iranian nuclear agreement between Tehran and world powers were suspended, and some sources said the negotiations for will be suspended for 10 days.

Experts rule out the talks will be successful in the short term, especially due to Iran's insisting on removing the US sanctions on Ibrahim Raisi.