US makes an offer to break Iran stalemate – report

Iran’s oil could be coming back

Politico reports that the US has “asked Iran to halt some of its nuclear activities, such as work on advanced centrifuges and the enrichment of uranium to 20 percent purity, in exchange for some relief from U.S. economic sanctions.”

Iran will hold elections in June so if no deal is brokered quickly, then it’s likely to drag on.

Reading through the text of the story, it sounds like this is going to be a longer process and that Iran’s only real offer is for the US to rejoin the agreement that it unilaterally walked away from.

WTI crude is up 59-cents to $61.55 in a solid bounce from the low of $59.41. Neither this news nor the Suez unblocking is hurting it and now crude is the the verge of climbing back above the late-March high of $61.90.

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