Oil prices have soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets. At the talks to revive Iran's 2015 nuclear deal with world powers, Russia has recently demanded for a U.S. guarantee that the sanctions it faces over the Ukraine conflict will not hurt its trade with Tehran. China has also raised new demands. U.S. Secretary of State Antony Blinken has responded that the sanctions imposed on Russia over its Ukraine invasion have nothing to do with a potential nuclear deal with Iran. The United States and European allies, meanwhile, are exploring the possibilities of banning imports of Russian oil.
