Oil Tumbles $6 as Iran TV Says Revival of Nuclear Deal Agreed
2022.08.30 20:02
By Barani Krishnan
Investing.com — Oil tumbled as much as $6 a barrel on Tuesday, with global crude benchmark Brent falling beneath key $100 pricing, after a pro-Tehran television station out of London reported that Iran and the United States have reached a deal to revive a nuclear deal that could legitimately put the Islamic Republic’s oil back on the export market.
“Iran and the US have reached an agreement (on revival of JCPOA), and it will be announced in the next two or three weeks,” a former IAEA official told Iran International, according to a news alert monitored by Investing.com.
Brent crude, the London-traded global benchmark for oil, was down $5.69 to $97.24 per barrel by 12:40 ET (16:40 GMT), after falling more than $6 earlier to a session low of $96.64.
New York-traded West Texas Intermediate crude, the benchmark for US crude, was down $5.97 to $92.11 per barrel after a session low at $90.56.
The JCPOA, or Joint Comprehensive Plan of Action, is the official description for the 2015 Iran nuclear deal hatched between Tehran and six global powers, under the aegis of the Obama administration. Donald Trump, the U.S. president after Barack Obama, canceled the JCPOA in 2018 and put sanctions on Iranian oil. President Joe Biden, who succeeded Trump, has allowed negotiations with Iran since last year to revive the deal.
Iran International is a Persian language television station headquartered in London, aimed at Iranian viewers, and broadcasting free-to-air by satellite. Its report could not immediately be verified with no official announcement coming out of Tehran or the United States.
The identity of the former official of the IAEA — which stands for the International Atomic Energy Agency — is also not known.
