WSJ: Sudden Glut of Oil Is Weakening Iran's Leverage in Nuclear Talks
- WSJ's lead markets piece argues that the rapid build-up of unsold crude is strengthening US/Israeli negotiating positions and giving Tehran an incentive to return to the table (https://www.wsj.com/finance/commodities-futures/a-sudden-glut-of-oil-threatens-to-weaken-irans-hand-in-talks-adfcf7c0).
- The story threads together the Hormuz tanker U-turns, Citi's $60 Brent call, Total's 'desperate to sell' comments and OPEC+ continuing to add barrels — all within hours.
- A potential sanctions relief/return-to-JCPOA scenario would add to the supply overhang already pressuring crude-linked equities and EM oil exporters.