As nuclear negotiations between the US and Iran entered a new phase, significant developments occurred both on the diplomatic front and in energy markets following contacts between the parties.
Omani Foreign Minister Badr bin Hamad Al Busaidi announced that significant progress had been made in the US-Iran talks, concluding the day’s meetings. Al Busaidi stated that negotiations would resume as soon as possible following consultations in both capitals. He also announced that technical-level talks would be held in Vienna next week.
Iranian state television reported that vehicles carrying the US delegation left the negotiating area after the talks.
However, according to i24NEWS, citing sources close to the Geneva-based nuclear negotiations, significant disagreements still exist between the US and Iran. The report states that the differences between the parties persist and the process is “far from optimistic.”
Following the message of “significant progress” on the diplomatic front, the initial reaction in energy markets was downward. Both WTI and Brent crude oil futures contracts fell after the Omani Foreign Minister’s statement.
*This is not investment advice.