COM - U.S. crude oil closes above $70/bbl highest in more than two years

WTI July crude oil (CL1:COM) settles +1.2% to $70.05/bbl, the highest finish for the front-month contract since October 2018, on continued expectations of improvement in U.S. energy demand and indications that additional Iranian oil supply would not be re-introduced into the market anytime soon.August Brent crude (CO1:COM) closes +1% to $72.22/bbl, the highest since May 2019.ETFs: [[XLE]], [[USO]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[ERX]], [[BGR]], [[BNO]]The market seems "confident" in OPEC's ability to "manage the gradual increase in collective production" agreed by the cartel and its allies through the end of July, Tyler Richey, co-editor at Sevens Report Research, tells MarketWatch.Demand expectations "remain optimistic given global reopening efforts and view that there will be some degree of a return to economic normal in the months ahead," Richey says.Secretary of State Antony Blinken said today that even if the U.S. reaches a nuclear deal with Iran, "hundreds of sanctions will remain

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U.S. crude oil closes above $70/bbl, highest in more than two years