The European Union have been acting as proxies for the US in talks with Iran to revive the nuke deal. Talks have been going on for, it seems, forever.
The latest, via the Wall Street Journal (gated):
- European Union diplomats trying to break a deadlock in talks over an Iran nuclear accord have proposed a significant new concession to Tehran aimed at speedily ending a U.N. investigation into the Islamic Republic’s past atomic activities.
Details at that link, if you are interested. The point is though, for oil traders, if Iran and the world (including the US) can be brought to agreement to revive the nuclear deal the previous US administration abandoned then more Iranian crude should begin to flow back to global markets, eventually. Right now mote supply would be very welcome.
Oil price update: