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Biden Announced Reinstatement Of Sanctions Waivers On Iran In Last Week

The administration of U.S. President Joe Biden last week announced the reinstatement of sanctions waivers for Iran that allow international nuclear cooperation projects. The move has a positive effect on the return to the Iran nuclear deal talks in Vienna. However, the Iranian foreign minister emphasized that all parties to the Iran nuclear deal, especially Western countries, should make necessary guarantees to honor their commitments in the agreement, which is a key and basic issue in the negotiations. The market is concerned about the outcome of the upcoming ninth round of Iran nuclear negotiations. Once all parties reach a consensus on the negotiation and further lift sanctions on Iran, it is expected to promote Iran to increase oil exports, thereby increasing global oil supply and cooling the current very hot oil market.
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