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(Reuters) - Oil prices rose 3% on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog and the U.S. and Vietnam reached a trade deal, but a surprise build in U.S. crude supplies limited price gains somewhat.
Brent crude settled $2.00 higher, or 3%, to $69.11 a barrel, while U.S. West Texas Intermediate crude gained $2.00, or 3.1%, to $67.45 a barrel.
Brent has traded between a high of $69.21 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East have ebbed following a ceasefire between Iran and Israel.
Iran enacted a law stipulating any future inspection of its nuclear sites by the International Atomic Energy Agency will need approval by Tehran's Supreme National Security Council. The country has accused the agency of siding with Western countries and providing a justification for Israel's air strikes.
"The market is pricing in some geopolitical risk premium from Iran's move on the IAEA," said Giovanni Staunovo, a commodity analyst at UBS. "But this is about sentiment; there are no disruptions to oil."
U.S. stocks finished mostly higher on Wednesday, with the S&P 500 and Nasdaq Composite climbing to record closes, following President Donald Trump's announced trade deal with Vietnam.
Gains may have been limited to some extent, however, by ADP's private-sector hiring report, which reflected an unexpected loss of 33,000 jobs in June. ADP's reports are not always considered to be accurate predictors of the government's official jobs report, however. The next official jobs report is scheduled for release on Thursday morning.
Separately, 2- and 10-year Treasury yields jumped to almost 3.79% and 4.29%, respectively — their highest levels in about a week.
The Dow Jones Industrial Average fell 10.52 points to end nearly flat at 44,484.42, based on preliminary data.
The S&P 500 advanced 29.41 points, or 0.5%, to close at 6,227.42 for its sixth record close of the year.
The Nasdaq Composite rose 190.24 points, or 0.9%, to end at 20,393.13 for its third record closing high of 2025.
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