WTI crude oil for August delivery was up 2.14% to $59.58 a barrel Tuesday afternoon, and Brent crude oil for August delivery was up 3.76% to $63.72 a barrel.
Oil prices were gaining as Iran and six world powers engaged in negotiations about blocking the country's path to building a nuclear weapon, according to the Wall Street Journal. The nuclear negotiations could lead to the world powers involved in the talks lifting current sanctions on Iran.
A deal with Iran could lead to the country increasing its oil exports over time.
Suncor Energy is an oil company based in Calgary, Alberta, Canada that specializes in the production of synthetic crude from oil sands.
TheStreet Ratings team rates SUNCOR ENERGY INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SUNCOR ENERGY INC (SU) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income."