Russia Ukraine war, page-580

Oil prices ease with revived US-Iran nuclear deal on the horizon

With White House officials confirming this week the US and Iran were getting closer to locking in a deal, oil prices retreated from their almost decade-long highs.

Oil prices have continued to decline on Friday as talks over a potential resurrected nuclear deal with Iran and the United States entered their final stages this week.

A secured deal would limit Tehran’s nuclear activities in accordance with a 2015 agreement between the countries. In return, the US would lift some economic sanctions placed against Iran when former president Donald Trump withdrew from the deal in 2018.

With the new US-Iran nuclear deal possible on the horizon, South Korea — which was previously one of Tehran’s leading oil buyers in Asia — said earlier this week it had already begun to hold talks on resuming imports of Iranian crude oil and unfreezing Iranian funds.