Crude prices are likely to struggle at the start of the week as Iran seems ready to seek nuclear talks with European nations and as global economic uncertainty continue to hamper the demand outlook for oil. Geopolitical risks remain plentiful, but the start of the week could see Iran worries ease. While the diplomatic pathway between Iran and the US seems closed, it certainly is open with Europe and that could be positive for bringing stability to the Middle East. In what is likely a political posturing move, Iran appears set to abandon the uranium enrichment levels agreed to in the 2015 nuclear deal. Sunday was the end of a 60-day deadline Iran issued European nations for delivering some relief from the US sanctions. Iran reportedly is ready to issue a two-month extension, a move that should highlight they really want to work something out with Europe.
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