Iran - Oct 28

Falling oil prices have provided the West with additional sources of leverage as they negotiate with Iran in an attempt to reach a nuclear deal. Iran’s oil revenue has dropped by more than half because of sanctions and with oil prices projected to fall even further, the oil-dependent government of Iran faces growing domestic pressure to settle the nuclear standoff. By some estimates, Iran needs oil prices of $140 a barrel to balance its budget and the drop to $80 a barrel has been deeply concerning for the Rouhani Administration, which was elected on a promise to lift all Western sanctions and usher in a bright economic future. However, the sanctions regime is beginning to crack as Boeing reported selling its first products to Iran in 35 years and China has hinted at a “new silk road” with Iran. Source: The New York Times