Iran Just Warned There’s Not Much Time Left to Save Nuclear Agreement

While tensions with China seem to be cooling, Iran is posing a sizable problem.

And unless Europe can come up with a solution in the next 60 days, the situation could explode.  All after Iran said they’ve started using more advanced centrifuges, which could speed up the development of a nuclear weapon.  In fact, Iran has been using IR-4 and IR-6 centrifuges and could soon test even more advanced models. 

Officials in the country say an IR-6 can produce enriched uranium “10 times as fast as an IR-1,” according to The Guardian.

“Unfortunately. the European parties have failed to fulfill their commitments … The deal is not a one-way street and Iran will act accordingly as we have done so far by gradually downgrading our commitments,” said Ali Akbar Salehi, director of Iran’s nuclear energy agency, as quoted by Reuters.  “Iran will continue to reduce its nuclear commitments as long as the other parties fail to carry out their commitments.”

While the International Atomic Energy Agency will be allowed to monitor Iran’s nuclear sites, Iran has also set a 60-day deadline for France, Germany, and Britain. 

If not, nuclear escalation could continue.  

Worse, Iran has the ability to go above the 20% enrichment of uranium, which would put it “just a short technical step away from weapons-grade levels of 90% enrichment,” says CNBC.

Tensions between the U.S. and Iran have only risen in recent months with attacks on oil tankers in the Strait of Hormuz, surveillance drones being shot down, and other incidents in the region.  

While it’s uncertain as to what could happen next, we’ll be watching markets and oil closely.

Stay tuned for more on this developing story.