Senior US State Department official with the statement:
- 'We've hit a wall' on the Iran nuclear deal because of Iran's position
- Iran's position is 'so unreasonable'
- There has been nothing this week that indicates that Iranians are ready to change
- Iran is standing in the way of economic relief that a nuclear deal would provide
- There will be more steps to come after Thursday's sanctions on Iran
Oil traders have been watching the progress (and lack of) of these talks. The reasoning being that if a deal could be reached it'll (eventually) bring more Iranian oil back to market and hence, at the margin, increase supply and decrease prices. This news is, thus, bullish for oil at the margin.