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LONDON. — Oil rose yesterday to its highest level so far this month, as tension in the Middle East and the possibility of further falls in Venezuelan output helped offset the negative impact of growing U.S. crude production. Brent crude futures LCOc1 rose $1.22 on the day to $67.27a barrel by 1343 GMT, their highest level since late February. U.S. West Texas Intermediate (WTI) May crude futures CLc2 rose $1.19 to $63.32 a barrel.

“The move today is more to do with geopolitical tensions than underlying fundamentals, but I don’t expect that to last,” PVM Oil Associates strategist Tamas Varga said.

Saudi Arabia called the 2015 nuclear deal between Iran and world powers a “flawed agreement” on Monday, on the eve of a meeting between the Saudi crown prince and U.S. President Donald Trump. Both are highly critical of Iran.

Trump has threatened to withdraw the United States from the accord between Tehran and six world powers, raising the prospect of new sanctions that could hurt Iran’s oil industry.

“Tensions between Saudi Arabia and Iran gave prices some support,” Sukrit Vijayakar, director of energy consultancy Trifecta, said in a note. — Reuters.