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Oil rose to the highest price in more than 2 1/2 years as prospects of an imminent flood of crude exports from Iran and other major producers waned while the International Energy Agency warned of a deepening supply crunch.

Biden administration officials are “encouraged” by ongoing OPEC talks and have spoken with officials in Saudi Arabia and the United Arab Emirates in hopes of reaching an agreement to stem the rise in crude prices, White House Press Secretary Jen Psaki said.

OPEC+ infighting has deprived the oil market of extra supply and sent crude surging to a six-year high in New York.

Oil resumed its advance, reaching the highest settlement in more than two years with the OPEC+ alliance forecasting a tightening global crude market and a nuclear deal with Iran still up in the air.

OPEC and its allies recommended proceeding with plans to gently revive oil production as global demand recovers from the pandemic, despite surging infections in India.

Oil rose after the OPEC+ alliance agreed to increase oil production gradually over the next three months.

Times are getting tougher by the day for oil tanker owners.

OPEC’s crude production plunged in February as Saudi Arabia delivered extra cutbacks intended to clear the remnants of a global supply glut.

Saudi Arabia urged caution as OPEC+ gathered to discuss whether to hike supply again in February, with many countries wary of undermining a fragile recovery.

The president of the Organization of Petroleum Exporting Countries reiterated that the oil producers’ cartel shouldn’t rush to increase output early next year and said energy demand was still fragile with the coronavirus raging across parts of the world.