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Here is a glimpse of what is happening with the Iran nuclear talks in Vienna and how they are affecting energy markets.
Envoys to Viennasaid on Sunday they would need more time to reach a nuclear deal between Iran and world powers, postponing discussions even over the summer. It’s the third time since talks began in April that negotiators have missed deadlines imposed by themselves to renew a deal that would lift U.S. sanctions on Iran in exchange for escalating nuclear activities.
That came after rough line cleric Ebrahim Raisi on Saturday was declared the winner of Iran’s presidential election. While Raisi’s victory is not expected to thwart efforts to turn the US into a deal, the forthcoming change in administration has complicated diplomacy. The president-elect is himself subject to sanctions, and Iran says they should be lifted. The envoys now want to sign an agreement before mid-August, when Raisi takes over from Hassan Rouhani, who helped sign the initial agreement in 2015.
A lack of progress in the sixth round of talks boosted crude oil prices in early trading on Monday. The New York Futures rose to nearly $ 72 a barrel, while Brent rose 0.5% to about $ 74 at 1:45 p.m. in Singapore.
Oil has accumulated in 2021 as major economies release coronavirus restrictions and with the OPEC + cartel still keep several million barrels a day away from the market. Iran’s exports fell from 2 million barrels a day to almost nothing after former President Donald Trump pulled the US out of the 2018 nuclear deal and tightened sanctions.
Today: Raisi plans to hold a press conference in Tehran at 2 pm local time (10:30 am London)
June 24: A temporary monitoring pact with inspectors fromThe International Atomic Energy Agency is expiring, something that could complicate efforts to sign the nuclear deal. However, Iran and the IAEA are already in talks and the agreement is expected to be extended, European Union Deputy Foreign Minister Enrique Mora said on Sunday.
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