Here is a snapshot of what’s happening with Iran, its nuclear talks and energy markets.

Latest developments

US and Iranian officials rejected reports that Tehran and Washington were near to a nuclear agreement. Oil dropped on Wednesday, as traders speculated that sanctions on Iranian energy exports would soon be eased.

“Any reports of an interim deal are false,” State Department spokesman Vedant Patel said. US Secretary of State Antony Blinken echoed these comments during a trip to Saudi Arabia, saying that reviving the 2015 nuclear deal, which reduced sanctions in return for curbs on Iran’s nuclear work, wasn’t an immediate priority.

“There’s no temporary agreement to replace the JCPOA and it’s not on the agenda,” Iran’s state-run Islamic Republic News Agency reported, citing the country’s mission to the UN.

Regional media including Israel’s Haaretz and Middle East Eye have said this week Iran and the US have made progress in talks.

Latest coverage

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Oil

Oil dropped on the reports on Wednesday. West Texas Intermediate fell as much as 4.8% before paring losses to 1.7% and settling near $71 a barrel. In early trading on Thursday, it fell 0.9% to $70.67.

(Adds Iranian comment in fifth paragraph)