Oil Rises As Bullish Markers From Iran To OPEC Erupt

Meanwhile, Canada's PM vows to make his country an energy "superpower": File Image/Pixabay

Hostilities between Russia and Ukraine combined with the Organization of the Petroleum Exporting Countries (OPEC) agreeing on Saturday to boost July output by 411,000 barrels per day (bpd) caused oil prices on Monday to rise substantially – although falling short of the 5.8 percent boost the commodity achieved at the session's peak.

Brent settled up $1.85 at $64.63 per barrel, and West Texas Intermediate settled up $1.73 at $62.52 per barrel.

In addition to news reports of Ukraine drones striking air bases deep inside Russia, other bullish markets included Iran criticising a report revealing the Islamic Republic's growing stockpile of enriched uranium, as well as wildfires in Canada threatening that country's output (as of Monday, the blazes had impacted 7 percent of the country's crude output).

As for OPEC, Goldman Sachs said of the cartel that the "expected demand slowdown is unlikely to be sharp enough to stop raising production when deciding on August production levels on July 6th."

Keshav Lohiya, founder of Oilytics, pointed out that Brent shorts are now at the highest level in 2025, and "this is creating a recipe for a spike if spot healthy market fundamentals continue to roll on."

For its part, Bloomberg noted that "U.S. futures pierced the 50-day moving average, a technical marker had largely helped keep a lid on prices over recent weeks."

In other oil news on Monday, Canadian prime minister Mark Carney, a net-zero carbon advocate who has repeatedly stated that natural resources should remain in the ground, met with oil and gas executives and vowed  to fast track major projects in order to make Canada and energy superpower.

Earlier this year, 14 CEOs representing the four largest pipeline companies and 10 largest oil and natural gas companies in Canada called on the federal government to declare a Canadian energy crisis and key projects in the "national interest," which would speed up construction of new oil and gas pipelines and LNG terminals.