The prospect of an imminent new “nuclear deal” between the West and Iran is looking increasingly unlikely. A senior political and oil industry analyst highlights that there is very little chance that Iran will be willing to make the one concession the U.S. needs to move the deal forward. The cementing view of the United States came on 9 August with the launch of Iran’s ‘Khayyam’ satellite, built almost entirely by Russia and powered into orbit from the Russia-controlled Baikonur cosmodrome. There are several reasons to be short crude oil currently – economic recession in the U.S. and looming recessions in Europe , ongoing lockdowns in China , the vested interest of the U.S. in keeping oil below US$75 per barrel of Brent, to name but three – but the prospect of an imminent new ‘nuclear deal’ between the West and Iran is not one of them. It is […]