Oil rises modestly before Independence Day

Oil prices rose slightly ahead of the U.S. Independence Day holiday, as investors covered short positions to ensure supplies, while closely monitoring developments in Iran talks and global demand. Brent crude closed at $71.80 per barrel, up 0.32%, and West Texas Intermediate rose to $68.69, increasing by 0.16%. Prices surged after hitting their lowest point since the start of the U.S.-Israel war against Iran in February, amid declining U.S. inventories and reduced Chinese demand. Analysts anticipate a sharp decline followed by an eventual rebound in prices later on.

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