Despite some hopes for a diplomatic solution to the ongoing standoff with Iran, the latest deal did not address the sanctions on the country's oil and financial industries, according to The Associated Press.
A group of nations including the U.S., France, Germany, China, Russia and the UK met with Iranian representatives in Kazakhstan to present a new deal to help cut down some of the sanctions currently imposed on Iran.
The arrangement would require the Middle Eastern nation to cease uranium enrichment approaching 20 percent, which could relatively easy be further processed for use in nuclear weapons, in return for an unspecified reduction in sanctions and a commitment from the UN and EU not to impose any further penalties.
However, none of the current restrictions on oil exports or Iran's financial sector were included.
In response to the news, U.S. crude oil futures were up 0.14 percent, a 13-cent increase to $92.74 per barrel, as of 11:10 a.m. New York time. At the same time, Brent crude oil prices were down 14 cents, a 0.12 percent decline to $112.55 per barrel, after recovering from greater losses earlier in the morning.
Reuters reports that U.S. legislators are considering further sanctions intended to cut off business from China, Iran's largest customer at present.
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