Iran nuclear deal could ease oil prices

Reviving a landmark nuclear deal with Iran could help tackle the recent surge in oil prices fuelled by sanctions against Russia, Ireland’s foreign minister says.

Simon Coveney said “a new agreement, which he hoped could be reached as early as this weekend, would provide an opportunity for Iran to re-enter the supply market.” 

“We look as if we’re almost there,” UN Security Council facilitator of the nuclear deal, Coveney said. That’s a good news story when we need one.

Sanctions were placed on Tehran after it was said to have breached a 2015 nuclear deal – formally known as the Joint Comprehensive Plan of Action, JCPOA, reached between Iran and six other nations.

A new deal would ease those sanctions in exchange for Iran giving up ambitions to build a nuclear weapon.

The UK and EU are looking to ‘break away from their dependence on Russian oil’ in response to President Vladimir Putin’s invasion of Ukraine.

BBC /Shakirat Sadiq