Oil prices are falling on Monday, Feb. 7, amid reports that Washington and Tehran have made progress in resurrecting a deal that limits the development of nuclear weapons. If the United States lifts sanctions on Iran, it could increase the supply of oil to the market.
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Brent crude fell 0.6% to $92.70 a barrel by 10:00 am Kyiv time. On Friday, prices reached their highest since October 2014 at $93.70. US WTI crude fell 63 cents to 1.1% to $91.3.
On Friday, the United States reinstated a sanctions exemption allowing international nuclear cooperation with Iran in projects designed to make it harder for Iranian nuclear facilities to be used for weapons development.
A senior State Department official on Friday said the refusal was necessary for technical discussions to restart the deal, but did not signal that the United States was on the verge of reaching an agreement to restart it.
Speaking on condition of anonymity, the European official said senior representatives at the talks in Vienna, which are indirect because Iran still refuses to meet with US diplomats, are likely to meet Tuesday in the Austrian capital.
“President Biden still wants us to negotiate in Vienna,” the US ambassador to Iran said, noting that the 2015 deal could be revived.
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