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The recent statements of Hassan Rouhani have pulled the oil market down. According to the Iranian president, the US is ready to lift sanctions on Iran's oil, banking and shipping sectors, which were imposed after former US President Donald Trump exited the 2015 nuclear deal.
The last round of negotiations took place on Wednesday, and the parties reported that they are close to finalizing a document. It would outline how the US will return to the nuclear deal.
According to Rouhani, the details and subtleties are still being discussed by diplomats before signing the final agreement.
This news dragged oil prices down by almost 5%.
The most optimistic forecasts say Iran will be able to increase its supply to 4 million bpd in the coming months, and Tehran will be able to increase exports by 500,000 bpd. But the US said it hopes to see Iran comply with all the terms of the treaty before allowing additional supplies.
Aside from that, Iran will hold elections for a new president on June 18, and Rouhani, who has served two terms, will step down about two months after the elections. The Iranian government seeks to conclude a treaty before the election.
Considering this, it is best to close long positions in the market, and change them into short positions.
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