US Says Tehran is ‘Backtracking’ in Nuclear Talks: Iran Snapshot

VIENNA, AUSTRIA - MAY 24: The flag of Iran is seen in front of the building of the International Atomic Energy Agency (IAEA) Headquarters ahead of a press conference by Rafael Grossi, Director General of the IAEA, about the agency's monitoring of Iran's nuclear energy program on May 24, 2021 in Vienna, Austria. The IAEA has been in talks with Iran over extending the agency's monitoring program. Meanwhile Iranian and international representatives have been in talks in recent weeks in Vienna over reviving the JCPOA Iran nuclear deal. (Photo by Michael Gruber/Getty Images) Photographer: Michael Gruber/Getty Images Europe , Photographer: Michael Gruber/Getty Images Europe

Golnar Motevalli, Bloomberg News

Jul 6, 2022

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

Latest developments

The US has accused Iran of “backtracking” in the negotiations to revive the 2015 nuclear deal, blaming the Islamic Republic for the lack of progress made at recent talks in Doha. 

Washington’s special envoy to Iran, Robert Malley, said in an interview on Tuesday that Iran had rejected the latest proposal, backed by the European Union, to revive the beleaguered accord. The US State Department’s spokesman, Ned Price, later said that Tehran was making “extraneous demands” that showed it wasn’t serious.

Iranian officials haven’t responded to the comments and have been pressing ahead with efforts to build their ties with neighboring countries, particularly in Central Asia and the Caucasus where they’re trying to establish new trade routes and export markets. 

Efforts to restore the nuclear agreement, which limited Iran’s atomic work in return for sanctions relief, are hanging by a thread. The contours of a deal were drawn at multi-party talks in Vienna but progress stalled in March as the US and Iran disagreed on whether and when to ease penalties not directly linked to the nuclear pact, which then-President Donald Trump exited in 2018.

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Oil

Oil steadied below $100 a barrel as banks including Goldman Sachs Group Inc. said fears a recession will hurt demand were overdone and the outlook in China improved.

West Texas Intermediate was little changed after falling 8% to the lowest close since late April as mounting angst about a slowdown spurred a sell-off in commodities. Goldman Sachs said global consumption was running ahead of supply, and inventories were nearing critically low levels, although Citigroup Inc. has warned prices could fall below $70 a barrel.

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