Iran signals 'deal is near'

The negotiations between the US, the European Union and Iran to revive the 2015 nuclear deal have reached an important stage. As of yesterday, Iran submitted its response to the draft proposal prepared by the European Union, signaling that an agreement is close. Citing a source familiar with the matter, Iran’s semi-official ISNA News Agency reported that Tehran’s position on the latest draft text had been sent to EU High Representative for Foreign Affairs and Security Policy Josep Borrell and that Iran was expecting a response within the next two days. Earlier, Iranian Foreign Minister Hossein Amirabdollahian said that an agreement could be reached within the next few days “if the US shows a realistic approach and flexibility.” In addition to the weak economic data released by China and the surprise interest rate cut that followed, the US data and this development have contributed to the decline in oil prices. CIBC Private Wealth Management Senior Energy Specialist Rebecca Babin pointed out that the possibility of a nuclear agreement with Iran has strengthened and said, “I see the $80 level as significant support and I think buyers may start to show interest at those levels.”