The energy markets have kicked off the new week on a sour note, with oil prices recording significant declines in early trading on Monday just days after Saudi & Iran agreed to restore diplomatic ties in a deal brokered by China, ending a seven-year rift
The Saudi Arabia-Iran deal is the latest in a series of geopolitical realignments that have lately been going on in the Middle East. For more than a year,severely damaged following the 2018 murder of journalist Jamal Khashoggi in Istanbul; Qatar has healed a five-year-old rift with its Persian Gulf neighbors while Israel isfor more than 22,000 people that were arrested during protests that rocked the country following the death of Mahsa Amini.
Currently, prospects of reviving the Iran nuclear deal have swung dramatically, from near certain in March 2022 to almost nil currently, with talks hitting yet another stalemate in September. Meanwhile, exchanges on a compromise text are still falling short of satisfying all the involved parties.
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