Oil ends first half of year with a more than 11% gain

Oil futures on Tuesday ended the first half of the year with a hefty gain, settling higher for the session with the deadline for a final agreement over Iran’s nuclear program extended by a week.

On the New York Mercantile Exchange, August West Texas Intermediate crude CLQ5, -1.14%  tacked on $1.14, or 2%, to settle at $59.47 a barrel. It had tallied a four-session loss of more than 4%. Tracking the most-active contracts, prices were up roughly 11.6% year to date. For the month, prices saw a loss of about 1.4%.


Brent crude for August delivery LCOQ5, -0.80%  rose $1.58, or 2.6%, to $63.59 a barrel on London’s ICE Futures exchange. Prices were close to 11% higher year to date.

Tehran and the West were supposed to have a final agreement Tuesday regarding Iran’s nuclear program, which was expected to eventually send million of barrels of Iranian oil onto the global market once sanctions on the nation were lifted. But the U.S. State Department said the parties effectively extended the deadline for the talks to July 7.

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