LONDON—Oil prices rose on Monday as Iranian nuclear talks appeared to hit obstacles and an embargo on Russian oil shipments loomed, with tight supply struggling to meet still robust demand.
Brent crude futures rose 88 cents, or 1 percent, to $93.72 a barrel by 1100 GMT. U.S. West Texas Intermediate crude was up 69 cents, or 0.8 percent, at $87.48.
Prices were little changed last week as gains from a nominal supply cut by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, were offset by lockdowns in top crude importer China.
France, Britain, and Germany on Saturday said they had “serious doubts” about Iran’s intentions to revive a nuclear deal. Failure to revive the 2015 deal would keep Iranian oil off the market and keep global supply tight….