Oil Prices Dive After Report of U.S.-Iran Talks

two sides met in Vienna on Wednesday. U.S. crude prices fall 5% after reports of U.S.-Iran talks on a nuclear deal that would allow the Islamic Republic to export more crude.

Oil Prices Dive After Report of U.S.-Iran Talks

Live coverage of the event

U.S. crude oil prices dropped nearly 5% on Thursday following a report that the United States and Iran were in talks about a temporary nuclear agreement which would allow Iran to export more crude.

Middle East Eye has reported that the countries in question are

A stopgap deal is near

In which Washington eases some sanctions in exchange for Tehran reducing uranium-enrichment.

The British news site cited sources familiar with the talks and said that Iran would be permitted to export up 1 million barrels per day. Other relief measures were also discussed. After the news, oil prices fell:

Crude Oil - WTI (IFEU $/bbl) Front Month