Oil resumes rally as Iran reportedly wants to keep enriched uranium within the country

Iran reportedly ordered that near-weapons-grade uranium not be sent abroad, increasing geopolitical and sanctions risk around the nuclear standoff. Separately, the IEA warned oil markets could soon enter a "red zone" as global inventories dwindle, signaling tighter supply conditions and a potentially supportive backdrop for crude prices.

Analysis

Iran reportedly ordered that near-weapons-grade uranium not be sent abroad, increasing geopolitical and sanctions risk around the nuclear standoff. Separately, the IEA warned oil markets could soon enter a "red zone" as global inventories dwindle, signaling tighter supply conditions and a potentially supportive backdrop for crude prices.