(MENAFN- ProactiveInvestors - UK) Oil prices shot up around US$1.50 per barrel on Tuesday after a pivotal summit to discuss the lifting of sanctions on Iranian crude was set back till late 2014
The meetings, which follow improved dialogue and an interim nuclear deal between Iran and the "major world powers", had been expected to take place in the spring
The perceived delay in the summit in effect means the predicted 'wall' of Iranian oil supply will not come as soon as some in the market had expected
Elsewhere in the oil market, the International Energy Agency predicted a rise in global oil demand fuelled by a revival in global economic growth
The IEA expects 1.3mln more barrels will be consumed in 2014, which is more than previous estimates
At the same time, however, the IEA also sees a continuation of America's strong production growth with almost 800,000 extra barrels being produced each day this year
In London trading, Brent Crude futures rose US$1.50 per barrel to trade near US$108, whilst West Texas Intermediary future climbed US$1.48 to change hands at US$95.25 a barrel
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