In fact, Iran was not honest, confirmed the inspectors of the International Atomic Energy Agency, who found the track of the Iranian 27%- uranium on the Iranian establishment.
This means that negotiations concerning cancelling the embargo for Iranian oil deliveries will be terminated.
The market will have to replace the second largest (after the Saudi Arabia) exporter of oil from OECD in order to reimburse the deficit of the commodity which will appear after the embargo start on June 1.
After the release of the report the oil prices started to move upwards.
WTI oil added 1% and cost 91.5 US dollars per barrel.
The prices for Brent oil also increased to 107.5 US dollars per barrel.
Meanwhile, the market met a sequent negative piece of news from the European region. The Spanish government declared about insolvency of Catalonia.
One of the richest regions in Spain is not able to manage its debt on its own.
The authorities are trying to find the way out of the situation while this news is withholding the world oil prices.