New Iranian president revives the hopes of restarting the talks on JCPOA

 

Iranian nuclear deal

The inauguration of the new Iranian president, Ebrahim Raisi, ended without the rise of a new controversy amidst heightened tension in the region. The speech delivered by the new president to an audience with significant foreign participation was somewhat conciliatory too.

He emphasized his desire to improve on relations with neighbours; and he said, all neighbours, without excluding any nation. Those who follow his speech wonder whether it included Israel too!

Mr Raisi had been talking about improving on its strained relationship with Saudi Arabia even before he took office. They have not progressed very much, though.

When the latter is under constant attacks from Houthi drones and missiles, it is unrealistic to expect any movement in the right direction. In addition, Saudis have been vehemently opposing the Iranian nuclear activities.

Perhaps, having sensing the mood of the neighbours, Mr Raisi emphasized – not just once, three times in a row - in his maiden speech that Iranian nuclear programme is for peaceful, scientific purposes and not for hostile acts.

In a surprise development, the threat of retaliation by the US and Britain over the attack on an Israeli-registered tanker has subsided, although Israel upped its ante.

On the contrary, both the US and UK want new president to seize the opportunity and play his part in reviving the JCPOA, 2015 nuclear deal. President Raisi knows how important it is for Iran to get it right and sell its oil to revive its battered economy.

The gradual return of calm to the volatile region has settled the crude oil markets to some extent, which had been chaotic throughout this week.

If the talks on the JCPOA begin again, however, traders may show caution once again over the fears of over-supply; there have been six rounds of talks with each making some progress in the past few months.

All eyes are on the new Iranian administration and analysts are watching every subtle, political move in Tehran.

 

 

 

 

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