WTI settles at the highest since 2018
Big week for oil
Negotiators have produced at least 20 pages of text with various options on how to solve the remaining hurdles. Among them are a dispute over how to handle Iran's advanced centrifuges, the machines used to enrich uranium, as well a disagreement over whether inspectors have sufficient access to Iran's nuclear sites. The U.S. and European powers are also pushing to include a mention of follow-on talks that would address Iran's ballistic missile program and broader regional behavior.
Meanwhile, Iran wants guarantees the U.S. won't abandon the deal - again. The agreement has been on life support since former U.S. President Donald Trump pulled out in 2018.
How much of a barrier these disputes pose to a final agreement seems to depend on who's talking.
Enrique Mora, the European Union official overseeing the negotiations, told reporters on Wednesday he was "sure" a deal would be struck at the next round of talks, expected to start on June 10.
Ned Price, the spokesman for the U.S. State Department, said on Thursday that the U.S. was "clear-eyed about its objectives" and that "there's just about every expectation there will be subsequent rounds" beyond the upcoming sixth round, contradicting Mora's more optimistic outlook.
Goldman Sachs has an interesting take on what will happen if there is a deal. They say it will lead to higher oil prices because it will remove some uncertainty that's holding the market back.
"If that announcement comes in the next few weeks, in our view, it
actually starts that bullish repricing," said Goldman senior commodity strategist Damien Courvalin.