Jcpoa

A top U.N. official, Rosemary DiCarlo, called on world powers and Iran to urgently restore the 2015 Joint Comprehensive Plan of Action (JCPOA), which lifted sanctions on Iran in return for restrictions on its nuclear program. The U.S. withdrew from the deal in 2018 under President Donald Trump, prompting Iran to gradually reduce its commitments. European and Iranian diplomats met recently to explore ways to ease tensions, especially regarding Iran's nuclear activities, before Trump's potential return to the White House. DiCarlo emphasized the importance of timely action, as the Security Council had enshrined the deal in a 2015 resolution. Britain, France, and Germany warned they could trigger the "snap back" of international sanctions on Iran if necessary to prevent nuclear weapon development. However, this option expires on October 18 next year. The IAEA reported that Iran has been rapidly accelerating uranium enrichment to levels close to weapons-grade purity.

In-Depth | Iran nuclear accord is within reach; will it derail oil price rally, and how will it impact India?

Crude prices have rallied by nearly 34 percent this year despite the risk of virus mutants hitting the fragile recovery in demand. A section of experts believe Iran's re-entry into the global oil market can lead to a brief period of downward revision, but doubt whether Iranian supplies would be strong enough to sustain the trend.

Opinion | Can INSTEX unite India, China and EU to bypass US sanctions on Iran?

As Iran is crucial for India to expand its options in the entire Eurasian region, establishment of any additional alternative mechanism of financial interaction with Tehran is going to be useful.