A final stage of talks in Vienna has resulted in progress that led to a 2% drop in oil prices early on Tuesday. Talks to bring Iran and the United States back to the Iran nuclear deal reached a crucial stage.
The New York Stock Exchange reported that as of 10:32 a.m. Eastern Standard Time, WTI Crude was trading at $89.58 a barrel, down by 1.91% on the day. The price of Brent Crude fell 1.88% to $90.93 as diplomats from Iran and the countries still part of the Joint Comprehensive Plan of Action (JCPOA) resumed talks to salvage the deal on Tuesday. In the midst of pressure for results, the talks are in a crucial final phase.
Considering that the United States would be removing sanctions on Iranian oil exports if the talks are revived, market participants will closely monitor the progress of the talks.
In a possible sign of progress, the Obama team restored sanctions waivers to Iran.
On Friday, allowing the country to cooperate internationally on civil nuclear matters. As a result of these difficult talks, the U.S. is expected to remove sanctions on Iranian oil exports if they are successful. The U.S. anticipates these talks will result in either a nuclear crisis or a new deal.