Oil jumps over 3% as fears of Iranian exports ease

Brent crude oil futures settled up US$2.02, or 3%, at $68.46 a barrel, while July U.S. West Texas Intermediate ended at $66.05 a barrel, up $2.47, or 3.9%. (File pic shows an Iranian oil complex)

NEW YORK: Oil prices rose more than 3% on Monday as a demand bump fueled by COVID-19 vaccination drives gave traders optimism that the market can absorb any Iranian oil that would come on the market if Western talks with Tehran lead to the lifting of sanctions.

A decline in deaths due to COVID-19 in India also bolstered expectations that oil demand could rise in coming weeks.