Crude Futures Higher on Iranian Plan Uncertainty

Oil futures edged higher during mid-morning trade in Asia on Tuesday, extending overnight gains, as some uncertainty emerged over the restoration of Iran’s Joint Comprehensive Plan of Action, and as optimism grew that the market would be able to absorb any increase in Iranian oil export, if an agreement was reached.
On Tuesday, the ICE Brent July contract was up 23 cents per barrel (0.34%) from the previous rate of $68.69 per barrel, while the July NYMEX light sweet crude contract was 14 cents/b (0.21%) higher at $66.19 pb, S&P Global Platts reported.
Market participants remained focused on the prospect of JCPOA restoration, with the fifth round of negotiations scheduled to resume in Vienna late Tuesday. 
Iranian Foreign Ministry Spokesman Saeed Khatibzadeh said differences between Iran and world powers remain in talks to reinstate JCPOA, echoing comments made by US representatives last week and stirring up a degree of uncertainty as to whether a deal will soon be reached.
Nevertheless, the likelihood of the deal remains high, with JCPOA negotiations clearing a major hurdle on May 24, when the International Atomic Energy Agency announced a one-month extension of its agreement with Tehran for access to recordings to continue monitoring Iran's nuclear activities. 
IAEA's access to nuclear site image recordings has been a major sticking point, with western authorities saying it is critical for JCPOA to be reinstated.
Iran also seems to believe that a deal will soon be reached, with estimates from data intelligence firm Kpler suggesting that the country is preparing for a sizable increase in output and exports. 
Iranian oil on floating storage has more than doubled since the inauguration of US President Joe Biden in mid-January, with Iran's oil tankers holding around 32 million barrels of crude and condensate at sea in the week beginning May 24, according to the data.