Away From Cheaps As Oil Softens A Little On Latest Whispers Surrounding U.S.-Iran Relations

Bonds move away from session cheaps as oil turns away from best levels on the back of a WSJ source report which suggests that “the Biden administration has quietly restarted talks with Iran in a bid to win the release of American prisoners held by Tehran and curb the country’s growing nuclear program.”

• As noted elsewhere, this follows on from a recent Middle East Eye sources piece which suggested that the U.S. and Iran were nearing an interim deal on nuclear issues, paving the way for a resumption of oil exports. At the time, those reports were deemed "completely false" by a U.S. spokesperson, but fresh reports suggesting diplomatic progress between the two countries continue to circulate and are garnering attention.