The US and Iran are set to hold further nuclear talks in Geneva as geopolitical tensions rise and fears of possible military action grow.
President Donald Trump has warned that “bad things” could happen if Iran refuses to agree to a nuclear deal, although he has insisted that a diplomatic solution is his priority.
Some analysts expect the meeting to open up new room for compromise, while others see Trump’s deadline as increasing the risk of conflict in the near future.
Iran has said a deal is “within reach,” with Foreign Minister Abbas Araghchi insisting the country will not develop nuclear weapons but will defend its rights.
The uncertainty has pushed oil markets into higher risk, with Brent and WTI trading near seven-month highs.
As a producer of more than 3 million barrels per day and a member of OPEC, any disruption to Iran or strategic waterways like the Strait of Hormuz could have a major impact on global energy supplies.
