Oil prices rose on Tuesday as concerns about supply increased due to media claims that talks between Iran and the United States may not reach a conclusion, while the dollar weakened.

Following the Supreme Leader's (Supreme Leader's) emphasis on facilitating and accelerating the conclusion and implementation of upstream oil and gas contracts, the Economic Council notified the Ministry of Oil of the issue of "facilitating the conditions for concluding and implementing upstream oil and gas contracts" in line with achieving the goals of the Seventh Progress Plan of the Islamic Republic of Iran.

The CEO of the National Southern Oilfields Company, while visiting key projects of the Gachsaran Oil and Gas Exploitation Company, emphasized the need to accelerate the implementation of major repairs and the provision of items needed by the oil industry.

According to the National Iranian Oil Company, the price of Iranian light oil in June 2025 for Asian customers will be slightly higher than last month, nearly $2 above the base price (Oman/Dubai crude oil price).

The Deputy Minister of Petroleum, announcing that we are ahead of the plan and capacity set for exploration in the country, stated: "I hope that by utilizing new technologies, we will be able to reach new fields (although smaller) and provide the basis for the presence of the private sector in the form of IPC contracts or other contractual models."

In order to accelerate the development operations of the Paydar Gharb oil field, two important contracts were signed in the field of subsurface drilling with the aim of optimizing and facilitating implementation processes.

The possible lifting of US sanctions on Iranian oil exports could deal a severe blow to Chinese refineries that have thrived on refining discounted Iranian oil.

The CEO of the National Southern Oilfields Company announced: "The longer the life of oil fields, the higher the natural decline in production; compared to the early 1990s, this decline has increased by about 60 percent."

A memorandum of understanding between the National Iranian Oil Company and Zagros Petrochemical Company for the implementation of the Salman platform flare gas collection project was held and signed on the last day of the International Oil Industry Exhibition.

The CEO of the Petroleum Engineering and Development Company emphasized the key role of investment in the oil industry, calling it the driving force of sustainable economic development, and announced the company's readiness to attract domestic and foreign capital in development projects.