New US administration heads back to the JCPOA – if Tehran responds

Despite the cautious Biden campaign team’s pre-election purdah in their contacts with diplomats, no-one in Washington doubts there will be a big policy reversal on the Iran file, with a move back into the Joint Comprehensive Plan of Action (JCPOA) nuclear deal accompanied by an unwinding of sanctions. Analysts suggest an easing of sanctions could lead to a substantial amount of Iranian crude making its way back onto the market.