Iran nuclear deal keeps oil markets on edge, OilPrice said.

Oil prices have remained in limbo this week, with ICE Brent trending around $100 per barrel, as the market zoomed in on the prospects of an Iranian deal. 

As the Biden administration relayed its response to the European Union, acting as a broker between the two sides that refuse to negotiate directly, rumours seem to indicate that the proposed terms fall short of what Tehran expected, effectively creating a “take it or leave it” dilemma for the Iranian leadership. Unless there is any sudden breakthrough on Iran, it will be the Fed’s Jackson Hole symposium driving oil prices.

White House wants U.S. refiners to cut exports.In a letter sent to the United States’ leading refiners, U.S. Energy Secretary Jennifer Granholm has called upon U.S. refiners to hold back exports to Europe and South America and start building inventories, despite both the gasoline and diesel curves being firmly backwardated.

Iraq threatens Kurdish sellers and buyers. The Iraqi authorities are threatening legal action against anyone who purchases or sells crude from the breakaway region of Kurdistan and its government, using the February decision of the Baghdad Supreme Court as confirmation of Kirkuk sales being “illicit”.