Russian Demands Put US-Iran Nuclear Talks on Hold
March 11, 2022
The United States and Iran nuclear talks, which many expected would get something done this week, are on hold as Russia puts new demands on the deal.
There has been no progress in the negotiations between Russia and Ukraine to end the current conflict.
Since Russia invaded Ukraine, the daily average range for front-month ULSD NYMEX Futures has been $0.2408 cents per gallon.
US consumer prices rose in February, culminating in the largest annual increase in 40 years, and inflation is poised to accelerate further in the months ahead as Russia’s war against Ukraine increases the cost of crude oil and other commodities. The US Labor Department said the Consumer Price Index increased 0.8% in February after gaining 0.6% in January. In the 12 months through February, the CPI increased 7.9%, the biggest year-on-year increase since January 1982.
The comments by UAE have been a bit confusing. The UAE ambassador stated that they would support pumping more crude oil and that helped crude prices sell-off. But the UAE Energy Minister said that it stands by the OPEC+ agreement and will not bring extra barrels to the market. Despite the Biden’s Administrations efforts to call on OPEC+ and especially, UAE and Saudi Arabia with their spare capacity, to raise output they will not come to the rescue.