Crude oil prices are vulnerable to geopolitically-induced volatility at the end of November when Iranian, US and European officials are set to meet in Vienna to discuss reviving an agreement on de-nuclearization. After an initial accord was negotiated and implemented in 2015 under the leadership of US President Barack Obama, the subsequent administration of President Donald Trump shredded it and reimposed sanctions. Since then, Iran has been enriching uranium beyond the stipulated limits.
In an attempt to reconcile, officials met in June this year and held six rounds of indirect talks on the nuclear deal. While the discussions did not yield an agreement, policymakers did identify key concessions that both Iran and the US would want out of a revived accord. A hardliner emerged victorious in Iran’s presidential election around the same time, however.
