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

Latest developments

France said Iran must release two Greek-flagged oil tankers seized in the Persian Gulf last week, as tensions between Tehran and world powers mount and nuclear talks stall.

The ships were detained by the Islamic Revolutionary Guard Corps because of what of what it called “violations.” The move may have been a reaction to Greek authorities, in coordination with the US, confiscating a Russian-flagged vessel for allegedly carrying sanctioned Iranian oil.

One of the ships seized in the Gulf, the Delta Poseidon, is a Suezmax capable of carrying more than 1 million barrels of crude.

Robert Malley, US President Joe Biden’s special envoy for Iran, said last week that the prospects for a revival of the 2015 accord with Tehran are “tenuous at best.” Negotiations have made little progress in the past two months, with one sticking point being Iran’s insistence that the IRGC is no longer classified by the US as a terrorist organization.

The ability of tankers to move freely through the Persian Gulf is essential to the global oil trade. Tankers hauled almost 21 million barrels a day of crude, or a third of world trade, through the Strait of Hormuz in 2018, according to the Energy Information Administration.

Latest coverage

  • France Says Iran Must Release Two Seized Greek-Flagged Tankers
  • Iran Seizes Two Greek Oil Tankers in Persian Gulf Waters
  • Iran Says Revenue From Energy Exports up 60% From Last Year
  • Biden’s Hopes for Iran Deal Fade Just When World Needs Oil Most

Oil

Brent crude climbed to around $120 a barrel -- extending its gain this year to 54% -- as China eased coronavirus lockdowns and the European Union continued to work on a plan to ban imports of Russian oil.

A nuclear deal may bring 500,000 to 1 million barrels per day of Iranian crude back on to international markets, enough to weigh on prices. The 2015 accord, which then-US President Donald Trump pulled out of in 2018, limited Tehran’s atomic activities in return for the easing of sanctions, including on oil exports.

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