Oil sceptics have been proved right in downplaying sanctions against Iran.
Midnight on Sunday will mark a dividing line in the world of oil. Beyond that point, anyone unloading a tanker from Iran risks the full wrath of the U.S. government.
Iran has signed an agreement with a British consortium to develop an oil field in the country's south, according to state TV.
Major European powers and Tehran have committed to keep working together to save the Iran nuclear deal despite US president Donald Trump's determination to kill it off.
Oil retreated from the highest level since 2014 as investors weighed competing views on whether the U.S. will reimpose sanctions on OPEC producer Iran and the potential consequences of such a decision.
Boris Johnson will urge Donald Trump to show the "far-sightedness" not to quit the Iran nuclear deal, arguing it illustrates the kind of "diplomatic imagination" that could solve the North Korea crisis.
Like the oil tankers that Iran hopes will ship its newly unsanctioned oil to the global markets place, any change to the global market will take time to alter course, according to a leading Middle East expert.
Iran’s parliament has voted to support implementing the nuclear deal it struck with world powers, sending the measure to a council of senior clerics who will review the accord before its final approval.
US secretary of state John Kerry has warned sceptical politicians not to sabotage the contentious nuclear deal with Iran, insisting that it included strict inspections and other safeguards to deter cheating by Tehran.
Oil rose for a second day on signs Iran and world powers will miss another deadline for a nuclear deal that could end sanctions on the OPEC producer. Futures gained as much as 1.1 percent in New York, after climbing the most Thursday in more than two weeks. Senior officials involved in the negotiations said it was too late to reach an agreement by Friday morning in Vienna, the last chance to qualify for a 30-day review in the U.S. Congress. A measure of crude trading volatility was near the highest level in 12 weeks. Oil’s advance is paring a second weekly loss driven by China’s equities rout and the turmoil in Greece. Iran, the fourth-largest producer in the Organization of Petroleum Exporting Countries, plans to boost crude exports and recapture market share if international sanctions are lifted.
Diplomats missed another deadline for a nuclear deal with Iran and may prolong talks until the end of the week or beyond, as they spar over an arms embargo and what would happen if the accord is breached. World powers extended until July 10 the interim arrangement that freezes Iran’s most sensitive nuclear work in exchange for limited relief from sanctions. While the negotiators in Vienna are playing down talk of deadlines, the timetable for review by the U.S. Congress means that any further easing of the curbs will be delayed by at least a month if a final agreement isn’t reached by Friday morning. “We’re frankly more concerned about the quality of the deal than we are about the clock, though we also know that difficult decisions won’t get any easier with time,” U.S. State Department senior adviser Marie Harf said. All sides say they’re closer than ever to a deal after 11 straight days of high-level talks in the Austrian capital. For energy-rich Iran, an agreement would speed its return to world oil markets and the international financial system. The world powers say any deal must restrict the Islamic Republic’s ability to pursue nuclear weapons.
Diplomats in Vienna are close to clinching a historic deal to curb Iran’s nuclear program, according to European Union foreign policy chief Federica Mogherini. “We are near to close the deal, it is a good deal,” Mogherini told reporters late Sunday after meetings with U.S. Secretary of State John Kerry and Iranian Foreign Minister Mohammad Javad Zarif, who was heading to Tehran for consultations with his leadership before returning to Vienna.