Oil Gains 2% As Iran Deal Fades, Market Eyes Tight Supply

Oil prices pared some losses on Monday, with Brent gaining nearly 2% as a nuclear deal with Iran seemed to fade further away and markets refocused on Europe’s coming ban on Russian oil and tight supply fears.  At 11:50 a.m. EST on Monday, Brent crude was trading up $1.90, at $94.74 per barrel, for a 2.05% gain on the day. WTI was trading up $1.69, at $88.48 per barrel, for a 1.95% gain on the day.  Iranian nuclear talks appear to be contributing heavily to the rally, with European diplomats expressing “serious doubt”…