14 July 2014, News Wires – Brent crude bounced off of three-month lows on Monday to near $107 per barrel as the potential for renewed supply disruptions put a floor under prices that have been tumbling since the last week of June.
Brent lost $2.01 on Friday to settle at $106.66 per barrel, the lowest finish since April 7, Reuters reported.
The benchmark lost about 3.6% last week, the steepest weekly fall since early January.
Brent crude was up $0.14 at $106.80 by Monday morning after initially falling to $106.27 earlier in the session, according to Reuters.
US crude futures fell $0.23 to $100.60. The US benchmark lost $2.10 in the previous session to close at $100.83 per barrel, its lowest settlement since May 12.
With the 20 July deadline looming for a deal on Iran’s nuclear programme and six world powers, major differences persist over an agreement, US Secretary of State John Kerry said on Sunday.
Iranian Deputy Foreign Minister Abbas Araqchi said that if talks collapsed, Iran would resume high-level uranium enrichment.
Such a move would likely lead to a return of the sanctions against Tehran that had earlier crippled its oil dependent economy.