The latest draft of the JCPOA was framed by Europeans as a ‘take it or leave it’ offer but Iran seemed to reject that right away.
Their official reply hasn’t been seen yet but a report says the EU sees Iran’s reply as ‘constructive’.
Front-month oil prices haven’t moved much in oil.
However there is some selling in longer-dated oil.
At issue are guaratees that Iran wants that the US won’t end the deal the second a new President is elected (presumably it’s Trump they’re worried about). The US says it can’t hold a future administration to the deal while Iran doesn’t want to give up its nuclear progress for as little as two years of sanctions-free trading.
They’re working on a compromise where foreign companies may not be sanctioned by the US for a specific period if/when the US leaves the deal. An FT report said the US has agreed to extend the time that companies must comply ‘significantly’ beyond the 90-180 days currently outlined.