Iran state media reporting statements from the Iranian Foreign Ministry.
- Says Iran has submitted a constructive response to US proposals on terms to revive the 2015 nuclear deal
- Says the response is aimed at finalising the talks
This saga has been going on for months and months and months. Perhaps we are getting close to finalising talks. Or perhaps not.
The point for oil traders is the view that if an agreement can be reached then it eases access to oil markets for Iranian exports and thus there is greater supply and thus, at the margin, prices will fall. It’ll take time to ramp up Iranian oil exports of course. And, also of course, that fall in price is based on the ‘all else being equal’ assumption. Which, it never is. In this instance, for example, there may be a reduction in supply from OPEC+ if more Iranian oil enters the market.