There’s a subtext here that’s important for oil
There’s a sequencing problem in Iran nuclear negotiations.
Iran says that once the US returns to the agreement and lifts sanctions, it will eliminate its nuclear stockpile. The US wants Iran to go first. Negotiators are trying to work out something where they act at the same time.
Yellen seems to be indicating that Iran needs to go first and they say that’s a non-started because it was the US that left the agreement, not them. So the US should come back into compliance first.
I don’t think this is what’s giving the latest lift to oil, which is up 38-cents to $66.60 — which is highest since May 18.