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Commodities

What an Iran nuclear deal would mean for strained oil markets

1 million barrels per day of Iranian output would spell relief for the EU

Analysts say an EU ban on Russian seaborne oil, set to take effect on Dec. 5, gives the bloc added incentive to secure a deal that would ease sanctions on Iranian oil.

DUBAI/TEHRAN -- A last-ditch attempt by Europe to revive the Iranian nuclear deal has stoked speculation that millions of barrels of oil could soon flow into world markets, though analysts and experts are tempering their optimism.

Tehran this week responded to a "final" proposal to reactivate the 2015 accord, and the European Union is now consulting the U.S. on a "way ahead." Seen as the last chance of rescuing the deal, the blueprint is aimed at limiting Iran's nuclear activity in exchange for easing sanctions, including on its oil.

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