What Do We Know About The Details Of The Deal?
After days of questions about the deal’s text and criticism of its secretive nature, a U.S. official read out the details in a call with reporters late on Wednesday. As an immediate benefit for signing the deal, Iran will be allowed to sell its oil freely in the international markets again, with the U.S. granting a sanctions waiver. The deal will also allow toll-free passage of all other vessels and oil tankers through the Strait of Hormuz for the next 60 days, leaving the door open for Iran to charge passage fees in the future. Iran, for its part, will be required to “down-blend” its highly enriched uranium stocks under the supervision of the International Atomic Energy Agency—a departure from Trump’s demand that Tehran must give up its “nuclear dust.” The interim deal also promises a $300 billion fund for the reconstruction of Iran’s war-damaged infrastructure.
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How Has The Oil Market Reacted?
The global benchmark Brent Crude Futures fell to $78.33 per barrel on Thursday, down from around $94 at the start of this month. The price still remains slightly elevated about the pre-war level of around $70 per barrel.
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