This is the real reason oil prices dropped sharply Thursday, when this news broke overseas, 5 hours ahead of US time. NBC Nightly News last night (Thurs, July 17) had it right in interview with economist who said oil prices have included an "Iran premium" due to war rhetoric from US and Israel. Immediately the price fell when it looks like diplomacy might open up a bit.
US plans to station diplomats in Iran for first time since 1979 Washington move signals thaw in relations
The US plans to establish a diplomatic presence in Tehran for the first time in 30 years as part of a remarkable turnaround in policy by President George Bush.
The Guardian has learned that an announcement will be made in the next month to establish a US interests section - a halfway house to setting up a full embassy. The move will see US diplomats stationed in the country.
The news of the shift by Bush who has pursued a hawkish approach to Iran throughout his tenure comes at a critical time in US-Iranian relations. After weeks that have seen tensions rise with Israel conducting war games and Tehran carrying out long-range missile tests, a thaw appears to be under way.
The White House announced yesterday that William Burns, a senior state department official, is to be sent to Switzerland on Saturday to hear Tehran's response to a European offer aimed at resolving the nuclear standoff.
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NBC NIGHTLY NEWS, OIL PRICE DROP:
Less US Demand, Less War-Mongering Against Iran
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