New Delhi: Brent crude oil price once again rose on Friday after the suspension of Iran nuclear talks. It surged by 2.94 percent.
During the day, the price remained fluctuating and ultimately, it went up over the suspension of the talks.
Earlier, it took a dip following the reports of positive movement in talks between Russia and Ukraine.
Iran nuclear deal
Iran nuclear deal which is officially known as the Joint Comprehensive Plan of Action is an agreement between Iran and P5+1.
P5+1 are five permanent members of the United Nations Security Council and Germany.
Five permanent members of UNSC are
- China
- France
- Russia
- The United Kingdom and
- The United States.
The nuclear deal which was signed in 2015 was an agreement on Iran’s nuclear program. However, in May 2018, the US withdrew from the deal expressing dissatisfaction over its provisions.
After Biden came to power in the US, attempts are being made to restore the deal. Recently, negotiations began in Vienna.
However, the talks went on pause on Friday. No timeline for the resumption of the talks has been disclosed.
As of February 19, the IAEA says Iran’s stockpile of all enriched uranium was nearly 3,200 kilograms (7,055 pounds). Some have been enriched up to 60% purity a short technical step from weapons-grade levels of 90%. Meanwhile, Iran has stopped the IAEA from accessing its surveillance camera footage and has resumed enrichment at Fordo.
Russia-Ukraine war
Meanwhile, Russian forces are slowly progressing from the northeast towards Ukraine’s capital Kyiv. The war has already sent 2.5 million people fleeing the country.
It seems that the forces are trying to regroup and regain momentum after encountering heavy losses and tough resistance over the past two weeks.
Following the advancement of the forces, US President Joe Biden announced that his country will dramatically downgrade its trade status with Russia and ban imports of Russian seafood, alcohol, and diamonds.
