Citing nine OPEC sources familiar with the matter, Reuters reported on Tuesday that OPEC and its allies, the group known as OPEC+, may lean towards oil output cuts when and if Iranian production returns depending on the revival of the nuclear deal.

On Monday, Saudi Arabia's energy minister told Bloomberg that OPEC+ may be compelled to reduce oil production, as the physical and futures markets get increasingly strayed away from fundamentals.

Market reaction

Crude oil prices continued to push higher on this headline. As of writing, the barrel of West Texas Intermediate was trading at $93.75, where it was up 3.6% on a daily basis.