Iran, US discuss interim agreement on nuclear deal, oil exports - report

Quantum Commodity Intelligence – Direct talks between Robert Malley and Iran's ambassador to the UN have taken place on US soil, according to the London-based Middle East Eye, but it remains to be seen whether senior officials back the proposals.

The report said Iran and the US were nearing a temporary deal that would exchange some sanctions relief for Iran reducing its uranium-enrichment activities, citing two sources with direct knowledge of the talks.

At the time of writing, the report had not been verified by major western news agencies.

According to an Iranian official close to negotiations, the talks were held on US soil with Amir Saeed Iravani, Iran's recently appointed ambassador to the United Nations, leading Iranian delegation, while Robert Malley, US special envoy on Iran, headed the US negotiating team.

However, the report noted there was still reluctance on the US side to rejoin the 2015 nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), they said.

Under the terms of the deal, Iran would commit to reduce uranium-enrichment activities, in return it would be allowed to export up to a million barrels of oil per day and gain access to its income and other frozen funds abroad.

Those funds would have to be exclusively used to purchase a range of essential items, including food and medication.

Iran had largely dropped off the radar of oil traders since last September when proposals to revive the JCPOA fell apart after Washington described Tehran's response to a European Union proposal as "not constructive".

Thursday's report emerged just after the London market-on-close physical window, sending Brent prices tumbling $3/b to a June low of $73.58/b, before rebounding over $1.50/b.