Oil jumps 3%, Brent crude exceeds $69

Oil drilling rigs

Oil prices rose today, July 2, amid concerns over the repercussions of Iran's suspension of cooperation with the International Atomic Energy Agency (IAEA), and supported by a relative easing of trade tensions after the US reached an agreement with Vietnam.

September Brent crude futures rose 3%, or $2, to $69.11 a barrel. August WTI crude futures rose 3%, or $2, to $67.45 a barrel.

Iran today ratified a law requiring the Supreme National Security Council to approve any future inspections of nuclear sites by the IAEA.

Iran accused the IAEA of pro-Western bias and providing justification for Israeli attacks on its nuclear facilities.

The US State Department condemned Iran's action, saying it was unacceptable and that the US would settle for this description.

Gains were limited by an unexpected rise in US crude inventories last week, according to data released by the Energy Information Administration.

Separately, Bloomberg reported that OPEC oil production rose by 360,000 barrels per day to 28 million barrels per day in June, marking the highest rate of increase in four months.