West Texas Intermediate futures for August delivery advanced to $53.37 (+1.12%); Brent crude climbed to $59.27 (+1.13%) after Chinese stocks advanced amid the government's steps to support equity markets.

Tonight Iran missed another deadline in its negotiations with global powers. However officials said that they were ready to work more. Talks have already extended beyond initial deadline on June 30. The Friday morning deadline was supposed to meet the start of a 30-day review period by the U.S. Congress. But now U.S. lawmakers will take 60 days to study any document once a deal is outlined. This will delay the lifting of sanctions.