Oil prices rose on Tuesday on escalating concerns about potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway are set to strike later in the day after failed wage talks.

The Canada production outage may also last till September and the country is losing 360,000 barrels per day. That is where the US crude oil prices are getting their support from.

More Europe and Asian countries are now cutting down their Iran oil purchases, this is also adding the premium to prices.

Every day there are more supply concerns coming into the market and the US may push Saudi Arabia for increasing output. It wouldn’t be able to match the kind of supply declines that we have seen from other oil producers.