Nuclear Deal Increasingly Unlikely As Iran Strengthens Ties With Russia

There are several reasons to be short crude oil currently – economic recession in the U.S. and looming recessions in Europe, ongoing lockdowns in China, the vested interest of the U.S. in keeping oil below US$75 per barrel of Brent, to name but three - but the prospect of an imminent new ‘nuclear deal’ between the West and Iran is not one of them. It is true that the European Union (EU) last week tabled a ‘final text’ of a new iteration of the nuclear deal – the Joint Comprehensive Plan of Action (JCPOA) –…