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Here is a snapshot of what’s happening with Iran, its nuclear talks and energy markets.

Latest developments

The European Union said talks between the US and Iran to revive the 2015 nuclear deal will restart in the “coming days” after months of stalemate. 

The negotiations have repeatedly stalled. Diplomats have warned time is running out to restore a deal which could bring more Iranian oil onto global markets following a price surge triggered by Russia’s invasion of Ukraine.

In Tehran on Saturday, the EU’s chief diplomat, Josep Borrell, said new discussions with Iran to curb its nuclear work in return for the easing of sanctions would begin “immediately.” There was no immediate response from the US, which has been involved in negotiations in Vienna to rejoin the deal.

The talks will be indirect, with the EU acting as a mediator, and take place in a Persian Gulf country, Iranian media quoted Borrell as saying. Qatar’s capital of Doha is the most likely venue, according to Iran’s state-run Nour News. Qatar has repeatedly said it can act as a mediator on Iran.

Before Borrell headed to Tehran, he met with the US Special Envoy for Iran, Robert Malley, in Brussels.

Latest coverage

  • US and Iran to Restart Nuclear Talks Within Days, Says EU
  • Tehran Says Atomic Deal Possible as Gloom Deepens: Iran Snapshot
  • Iran Risks ‘Fatal Blow’ to Atomic Accord With New Escalation

Oil

WTI oil fluctuated near $107 a barrel as investors monitored developments from the gathering of Group of Seven leaders in Germany, while fears of a demand-sapping recession continued to hang over the market.

The US crude benchmark swung between gains and losses in Asian trading after closing 3.2% higher on Friday.

A renewal of the nuclear deal would likely lead to extra volumes of Iranian oil on global markets, potentially weighing on prices.

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