The Brent oil price took off again last night, up another 1.3% to $58.58 for no apparent reason. There were bullish utterances from Saudi and a huge weekly inventory build in the US but the news of the night continues to be Iran with Reuters John Kemp clarifying affairs:
The time frame for sanctions relief, crucial to oil markets because it would allow Iran to raise its exports by up to 1 million barrels per day, has also emerged into clearer focus.
The negotiating teams have until July 1 to finalise the Joint Comprehensive Plan of Action, which will then be approved by the Security Council.
