US/Iran Taking Steps Towards Easing Tensions

The US is holding talks with Iran to limit the Iranian nuclear program, release detained US citizens and unfreeze some Iranian assets abroad according to Reuters reports from US and Iranian officials this week.

• There has been no further mention of easing energy sanctions like The Middle East Eye reported last week which rocked markets and led to numerous denials of such talks by both sides.
• Talks around the current steps would be cast as an "understanding" rather than an agreement according to the Reuters reports.
• US and European officials have been searching for ways to curb Tehran's nuclear efforts since the breakdown of indirect US-Iranian talks.
• On the latest talks, a US official said "I'd call it a cooling-down understanding."
• Petro Logistics released a snippet earlier reporting that Iranian crude exports have been ramping up and hit a 5-year high pace in May. The high volumes of sanctioned barrels still making it on to the market this year including Russia and Venezuela is a key factor weighing on crude despite expectations of tightness.