A couple weeks ago an Iran nuclear deal looked to be very close but now it's distant. That's partly been responsible for the recent rebound in oil prices.
The latest report from the WSJ mostly rehashes public comments but also has this tidbit:
"European officials have said privately they see almost no prospect of the deal being completed before U.S. congressional elections on Nov 8," it says.
The lack of a deal may create a crunch when the Russian oil ban/price cap goes into effect in early December. There is also a growing realization that US oil output could undershoot expectations of a 1 mbpd increase this year and instead rise just 600k bpd.
WTI crude oil daily
