Progress on Iran Nuke Deal to Be Unveiled Tomorrow, BBC Says

(Bloomberg) -- Significant progress has been made at talks to broker an agreement between Iran and the U.S. and revive the 2015 nuclear deal, and a major announcement may be made on Wednesday, the BBC Persian news channel reported, citing a Russian diplomat.

On Twitter, the same diplomat, Mikhail Ulyanov, Russia’s representative at the United Nations’ International Atomic Energy Agency, said “unresolved issues still remain and the negotiators need more time and efforts to finalise an agreement on restoration” of the accord.

Oil initially extended losses on the BBC report to fall as much as 3.1% in London, before regaining some of those losses. A return to the 2015 deal could allow for the removal of U.S. sanctions on the Persian Gulf country’s crude exports, raising the prospects of more supply coming back to the market.

Brent Tumbles After Reports of Iran Nuclear Deal: Markets Live

For the past six weeks, Iran and the U.S. have been engaged in indirect talks in Vienna where world powers -- including the European Union, Russia and China -- have been trying to orchestrate Washington’s return to the nuclear accord that former President Donald Trump abandoned in 2018.

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