Blinken says nuclear deal’s close, hurdles remain: Iran Snapshot

Here is a snapshot of what’s happening with Iran, its nuclear talks and energy markets.

Latest developments

Iran and world powers could announce a revival of the 2015 nuclear deal as soon as this week. If all goes to plan, the US will formally re-enter the agreement that curbs Tehran’s atomic work in return for an easing of sanctions.

Iran paved the way for final negotiations by agreeing over the weekend to help the International Atomic Energy Agency finish a contentious investigation into Tehran’s past activities.

Some hurdles still remain. US Secretary of State Antony Blinken will meet his Israeli counterpart on Monday to discuss the Iran deal and Russia’s invasion of Ukraine. Israel opposed the deal and its revival, saying it would allow Iran to make a nuclear bomb more easily. Blinken made clear on Sunday that Russia’s attack shouldn’t scupper the nuclear talks, even though they involve Moscow.

“It’s also in Russia’s interest, irrespective of anything else, for Iran not to be able to have a nuclear weapon,” he told CBS. “That interest remains, irrespective of where we are in our relationship with Russia as a result of its aggression in Ukraine.”

“I think we’re close, but there are a couple of very challenging remaining issues and nothing’s done until everything’s done,” he said.

Latest coverage

• How an Iran Nuclear Deal Could Affect Oil, Trade and Security
• World Powers, Iran Near Deal on Staggered Return to Nuclear Pact
• Iran Paves Way for Sanctions Relief, Seals Atomic-Probe Pact
• Four Ways the Iranian Nuclear Talks Could Upend Oil Markets

Oil

Oil surged in Asia — briefly touching $139 a barrel — after the US said it was discussing a ban on Russian crude imports.

Brent jumped as much as 18% in a matter of minutes before paring around half of those gains. The Biden administration is considering whether to prohibit Russian oil imports into the US without the participation of allies in Europe, at least initially, according to two people familiar with the matter.

The return to the Iran deal is likely to come in stages that are implemented over a period of months, meaning that relief for global oil markets will not come immediately.

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