Oil Rises on Iran Crude Sanctions, OPEC+ Output Deal Progress
- OPEC+ firming up deal for three-month delay to output hike
- Gauge of implied volatility near lowest since September
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Oil rose the most in more than two weeks as the US imposed more sanctions targeting Iranian crude and OPEC+ made progress on a deal to keep output off the market.
West Texas Intermediate advanced 2.7% to settle near $70 a barrel, the biggest one-day jump since Nov. 18, as OPEC+ delegates said the group is firming up an agreement to delay its oil-production revival by another three months. The alliance is due to finalize plans at an online meeting on Thursday. Brent climbed to settle above $73 a barrel.