US-Iran Talks: Negotiators Wrap Up Doha Meeting With “Positive Progress” As Next Round Set for July 18
Highlights
- US-Iran Doha talks end with "positive progress."
- Oil crashes below $67.50 for the first time in 125 days.
- Bitcoin has risen 2.5% over the last 24 hours to trade around $61,542.
- The next round of talks between the U.S. and Iran is to be held after Khamenei's funeral on July 18.
A big news is coming from the US-Iran talks, as indirect talks have concluded between Iranian and U.S. negotiators and Qatari and Pakistani mediators in Doha, Qatar. The Ministry of Foreign Affairs (MFA) of Pakistan confirmed the sessions in an official statement, citing “positive progress.”
Both parties have agreed to resume negotiations in the near future. The next one will be held as soon as possible after the funeral of former Iranian supreme leader Ali Khamenei. A date of July 18 has been indicated for the next round of talks.
This is after President Trump posted on Wednesday that “the US-Iran talks have been going well.” Trump also mentioned that Iran’s denuclearization is well underway as covered by CoinGape.
Oil Breaks a 125-Day Low as the Risk Premium Comes Out
Markets responded immediately. WTI crude fell to $67.34 per barrel, and Brent crude fell to $70.39 per barrel. Most significantly, WTI fell below $67.5 for the first time in 125 days, below the price it was trading at when the U.S. initiated strikes against Iran.
Oil has been in a steady run down since breaking above $100 in May and has recently dipped into $70, $67.50, and now $67.00. Gas prices have also dropped by about 70 cents in the last month.
Bitcoin Up 2.5% as Crypto Market Turns Green
After this big announcement along with a positive Jobs Data released today on Thursday, Bitcoin has risen 2.5% over the last 24 hours to trade around $61,542. Price is now bouncing off a $58,000 to $59,200 demand zone on the chart, and a 4-hour fair value gap is now the immediate target at $61,500.
The next zone on the chart is $62,500 to $63,000, currently showing a FVG and 21-EMA resistance at a daily time frame. Analysts still remain cautious on crypto as a final deal hasn’t been made yet and anything can happen in the current scenario.
What to Expect Next in US-Iran Talks
The next round of talks between the U.S. and Iran is to be held after Khamenei’s funeral on July 18. This provides a period of relative calm in the markets for about 2 weeks to absorb the progress made to date.
If the July 18 session delivers something tangible, then oil may be on course to move towards $65 or less, gas prices will continue to slide, and risk assets like crypto will gain more. The US-Iran talks in the Doha session failed to achieve a final deal, but a deal seems closer than ever.
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