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

Latest developments

Russia said Iran and world powers might reach a new nuclear agreement next month. The pact would probably include the lifting of oil sanctions on the Islamic Republic and be put into effect by April, Mikhail Ulyanov, Russia’s main envoy for the negotiations in Vienna, said Wednesday.

“If the talks continue at the pace they’re currently going, in principle it’s quite realistic to reach agreement by the end of February,” he told the Rossiya-24 television channel.

The U.S. and Iran, so far only engaging via other countries’ diplomats, could begin direct talks “rather soon,” Ulyanov said.

Russia had previously indicated that a deal could be struck as soon as this month, while the U.S. and European Union states have said time is running out.

The negotiations are meant to restore a 2015 accord that limited Tehran’s atomic activities in return for sanctions relief, including on oil exports.

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Oil dropped from a seven-year high after the U.S. Federal Reserve signaled it would soon start raising interest rates to quell inflation, causing the dollar to rise. Brent fell 0.9% to $89.16 a barrel by 12:50 p.m. in Singapore.

The Iranian nuclear talks are critical for oil traders. If there’s a deal, Iran may be able to raise exports enough that crude prices fall. If not, they could move closer to $100 a barrel.

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