Oil prices rose on Tuesday as investors monitored negotiations between Iran and six world powers aimed at blocking the country's path to a nuclear weapon in exchange for lifting international sanctions. 

The talks are expected to go past the Tuesday deadline, the third deadline to be missed in the last year. On Tuesday, Iran's foreign minister returned to the talks in Vienna and met with U.S. Secretary of State John Kerry. 

If agreed, a final deal could eventually allow Iran to increase its oil exports. A failure to reach a deal would be supportive for oil prices, because it would keep hundreds of thousands of barrels a day of Iranian oil off the already-oversupplied global market.

Light, sweet crude for August delivery rose 61 cents, or 1.1%, to $58.93 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 89 cents, or 1.4%, to $62.90 a barrel on ICE Futures Europe.