Negotiations on a nuclear deal between the West and Iran could soon resume following a visit to Tehran by EU foreign policy diplomat Enrique Mora.According to European Union foreign policy chief Josepe Borrell, the negotiations, which have stalled, will now successfully resume. There is the prospect of a final agreement.The latest round of negotiations between the signatories to the original Iran nuclear deal has been stalled for weeks. This was due to irreconcilable differences, diminishing hopes for a formal return of Iranian oil to international oil markets. Moreover, this at a time when global supply is becoming increasingly constrained by Western sanctions against Russia.However, the latest news from Tehran may revive this hope, but concessions will have to be made.According to Borrell, Mora delivered a message to Tehran that that things could not continue as they were. The EU foreign policy chief said there had been a positive response from the Iranian side.Borrell said that these things could not be resolved overnight.WTI continues to rise, staying in a bullish trend in the weekly TF above the psychological level of $100:
Iran is also working to increase oil production and exports in anticipation of the lifting of US sanctions. Although the possibility of this has diminished over the past couple of months.Iran's oil export rose by 30% in the first quarter compared to a year ago, with an average daily level of 870,000 barrels. Meanwhile, as Kpler data showed, the bulk of it was still going to China. In March, economists said the lifting of sanctions on Iranian oil could boost global supplies by half a million barrels a day.
