(Bloomberg) --
Here is a snapshot of what's happening with Iran, its nuclear talks and energy markets.
Latest developments
The US has accused Iran of “backtracking” in the negotiations to revive the 2015 nuclear deal, blaming the Islamic Republic for the lack of progress made at recent talks in Doha.
Washington's special envoy to Iran, Robert Malley, said in an interview on Tuesday that Iran had rejected the latest proposal, backed by the European Union, to revive the beleaguered accord. The US State Department's spokesman, Ned Price, later said that Tehran was making “extraneous demands” that showed it wasn't serious.
On Wednesday Iran's Foreign Minister, Hossein Amirabdollahian, denied his country was making excessive demands that went beyond the Joint Comprehensive Plan of Action, as the nuclear deal is formally known. Iran told the US that it “must remove anything that hinders Iran's economic interests” and was still determined to reach a “good agreement,” Amirabdollahian said at a joint press conference with Qatar's Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani, who's visiting Tehran.
Efforts to restore the nuclear agreement, which limited Iran's atomic work in return for sanctions relief, are hanging by a thread. The contours of a deal were drawn at multi-party talks in Vienna but progress stalled in March as the US and Iran disagreed on whether and when to ease penalties not directly linked to the nuclear pact, which then-President Donald Trump exited in 2018.
Latest coverage
- Iran Balking on Nuclear Deal Amounts to ‘Backtracking,' US Says
- Iran: Qatari Foreign Minister to Visit Tehran on July 6
- Israeli PM Warns Iran Status Quo May Spur Mideast Arms Race (2)
- Iran Signs $7B MOU to Develop Oil Field Shared With Iraq: IRNA
Oil
Oil steadied below $100 a barrel as banks including Goldman Sachs Group Inc. said fears a recession will hurt demand were overdone and the outlook in China improved.
West Texas Intermediate was little changed after falling 8% to the lowest close since late April as mounting angst about a slowdown spurred a sell-off in commodities. Goldman Sachs said global consumption was running ahead of supply, and inventories were nearing critically low levels, although Citigroup Inc. has warned prices could fall below $70 a barrel.
(Updates with response from Iran's foreign mnister in fourth paragraph.)
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