Vienna talks on 2015 Iran nuclear deal have hit a snag: crude oil markets to turn bullish again


The talks on reviving the JCPOA, 2015 Iranian nuclear deal, appear to have run into insurmountable challenges, despite the optimism that has been growing during the past few weeks.

Anthony Blinken, the Secretary of the State of the US, poured cold water on the possibility of a breakthrough on Monday: “It’s unclear whether Iran is willing and prepared to do what it needs to do to come back into compliance,” said he while speaking to lawmakers on the US foreign policy.

Mr Blinken even implied that possibility of an agreement being reached with Iran may be months away – at best!

Iran, however, did not agree with the top US diplomat; Iran says it is complying with the terms of the JCPOA.

The latest US position was made clear after the IAEA, the International Atomic Energy Agency, vent its frustration at Iran for not providing it with vital information: “Iran has provided no new information in relation to one location, has not answered any of the Agency’s questions nor provided any information in relation to two other locations, and provided a written statement on a fourth location without any substantiating documentation,” said Rafael Mariano Grossi, the Director General of the IAEA, on Monday.

Iran's compliance with the IAEA

The US has been under pressure not to relax its position by the key players in the region such as Israel, the UAE and Saudi Arabia; with the latest assessment by the IAEA, the US got the ultimate impetus to go public and make its position clear.

The outgoing administration of President Hassan Rouhani really wanted to strike a deal with the signatories to the JCPOA so that the team can leave office on a note of high accomplishment; the Iranian foreign minister even had a discussion with his British counterpart in order to break the impasses, but to no avail.

Crude oil markets that have been jittery about the Iran’s entry into markets with a lot of fanfare always reacted negatively at the prospects, fearing an oil glut; oil price fell yesterday and has since not recovered.

The latest news on the talks that may drag on for months, according to Anthony Blinken, could be a catalyst for the markets to turn bullish again.

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