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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."
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