Sunday, October 2, 2022

Possible Iran nuclear deal could reverse oil rally

  • Talks between Washington and Tehran resume this week
  • Hopefully this will be the last round that ends with a deal or a “nuclear crisis”.
  • Any progress in talks will affect oil prices

The US and Iran may soon close a nuclear deal that could blow the sails of the latest oil rally, according to traders interviewed by Reuters.

Talks between Washington and Tehran resumed this week, and are expected to be the last round that will end with either a deal or a “nuclear crisis” according to the US side.

“This can’t go on forever because of Iran’s nuclear progress. It’s not a prediction. It’s not a threat. It’s not an artificial deadline. It’s just a requirement…” said an unnamed State Department official. The officer briefed the media. last week on condition of anonymity.

“Given the pace of Iran’s progress, its nuclear progress, we have only a few weeks left to make the deal – after which it will unfortunately not be possible to return to the JCPOA and reap the non-proliferation benefits that the deal provides for us.” Done,” the official also said.

Ahead of the final round of talks, Washington signaled goodwill by restoring clearance waivers for foreign companies doing nuclear power business with Tehran to allow for international cooperation in non-military nuclear energy use. However, the waiver is intended to make it harder for Iran to use its nuclear sites for weapons development, Reuters noted in a report from last week.

Meanwhile, any progress in the talks would have an impact on oil prices, with some saying it was by design.

John Kilduff of Again Capital told Reuters:

However, a State Department official said nothing is certain yet, and the waiver did not mean a deal was being struck. It was necessary to initiate technical discussions on the deal, the official said.

By Irina Slava for

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Possible Iran nuclear deal could reverse oil rally
Possible Iran nuclear deal could reverse oil rally

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Nation World News Desk
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