### U.S. Nears Nuclear Deal with Iran Amid Ongoing Negotiations, Oil Prices Dip

In a significant development during his Middle East tour, U.S. President Donald Trump announced in Doha, Qatar, that the United States is on the brink of securing a nuclear agreement with Iran. Trump emphasized the gravity of the negotiations, stating, "We're in very serious negotiations with Iran for long-term peace." This statement comes shortly after an advisor to Iran's supreme leader indicated the country's readiness to finalize a deal under certain conditions in exchange for lifting economic sanctions.

The prospect of a U.S.-Iran nuclear deal has had immediate repercussions on the oil market. On Thursday, oil prices saw a sharp decline, fueled by expectations of an impending agreement. Brent crude futures for July experienced a 3.2% drop, trading at $63.99 per barrel, while U.S. West Texas Intermediate futures fell 3.4%, standing at $60.98 per barrel.

Analysts attribute the oil price dip to the potential resumption of Iranian crude oil exports. Tamas Varga, an analyst at PVM, explained via email to CNBC that if Iran halts its enrichment of weapon-grade uranium and adheres to the deal, its crude oil exports could surge by as much as 1 million barrels per day. While this might push prices down further, the impact could be balanced if OPEC+ decides to adjust its strategy on releasing additional barrels to the market.

Recently, OPEC+ has been actively increasing oil supply, surprising many market watchers. Led by Saudi Arabia, the group agreed in early May to boost production by 411,000 barrels per day in June, following a similar hike in May.

The backdrop to these negotiations harkens back to 2018 when Trump withdrew the U.S. from the Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA). The deal, brokered in 2015 with global powers including Russia, China, the EU, and U.K., aimed to curb Iran's nuclear activities in return for sanctions relief. Since the U.S. exit, Iran has faced severe economic struggles, further exacerbated by lost regional allies and internal strife.

In light of these circumstances, senior Iranian officials have reportedly persuaded Supreme Leader Ayatollah Ali Khamenei to reconsider his firm opposition to negotiating with the U.S., framing the deal as crucial for the regime's survival. Whether these negotiations will bear fruit remains to be seen, but they carry potentially transformative implications for both regional stability and global energy markets.