Raisi Picks Policy Hawk for Stalled Nuclear Talks: Iran Snapshot

(Bloomberg) -- Here is a snapshot of what’s happening with Iran, its nuclear talks and energy markets.

Latest developments

Iran’s new president picked hawkish Foreign Ministry veteran Hossein Amirabdollahian on Wednesday to replace Mohammad Javad Zarif as the nation’s top diplomat, underscoring a power shift that’s complicating the resumption of nuclear talks with world powers.

President Ebrahim Raisi also chose a former head of the country’s natural-gas company as oil minister. Javad Owji’s lack of diplomatic experience could make it harder for him to defend Iran’s position should other OPEC members try to impose a production quota on it if U.S. sanctions are eased.

U.S. officials are reviewing their options after months of talks on reentry into the 2015 nuclear accord have failed to produce an agreement. Tensions between the U.S. and Iran have heightened following a deadly drone attack on a ship in regional waters on July 29, which Washington and its allies blamed on Tehran. Iran has denied any involvement.

On Thursday, Iranian air-defense teams issued a warning to a U.S. MQ-9 drone in airspace near the Strait of Hormuz and close to the Iranian border, the semi-official Nour News said in a tweet.

Latest coverage

• Iran Warns U.S. Drone Near Strait of Hormuz: Nour News
• Iran President Picks Hawkish Diplomat to Lead Nuclear Talks
• Former Iranian Gas Chief Owji Is Nominated as Oil Minister
• Biden’s Iran Nuclear Deal Ambitions Shrink as Tensions Flare

Oil

Oil steadied after a two-day advance as investors bet the global demand recovery will remain intact despite the latest wave of Covid-19 that’s led to tighter restrictions on movement in many countries.

U.S. President Joe Biden on Wednesday urged OPEC to boost supply more quickly to make gasoline more affordable for Americans. Crude prices dropped after the comments but reversed losses before the end of the session.

Agenda

Sept. 1: OPEC+ meeting

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