Kremlin Says Russia and Iran Continuing Work on Cooperation Pact, Schedule May Shift 

The Iranian flag is pictured in front of Iran's Foreign Ministry building in Tehran November 23, 2009. (Reuters)
The Iranian flag is pictured in front of Iran's Foreign Ministry building in Tehran November 23, 2009. (Reuters)
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Kremlin Says Russia and Iran Continuing Work on Cooperation Pact, Schedule May Shift 

The Iranian flag is pictured in front of Iran's Foreign Ministry building in Tehran November 23, 2009. (Reuters)
The Iranian flag is pictured in front of Iran's Foreign Ministry building in Tehran November 23, 2009. (Reuters)

Moscow and Tehran are continuing their work on a comprehensive bilateral cooperation agreement, although the schedule of specific events may shift, Kremlin spokesman Dmitry Peskov said on Tuesday, adding Russia intended to develop ties with Iran. 

Earlier Russia's RIA state news agency reported that the agreement had been temporarily suspended due to problems faced by Iranian partners, however Iran's ambassador to Moscow Kazem Jalali said this was not the case, according to a statement carried by Iran's official news agency IRNA.  

Since the state of the war in Ukraine, Russia has moved to strengthen its political, trade and military ties with Iran in a deepening relationship that the United States and Israel view with concern. 

Moscow and Tehran are pushing against what they see as damaging US foreign policy and want to establish what they say would be a fairer multipolar world order. 

Work on a new major agreement between Moscow and Tehran was announced in September 2022 during a meeting between Russian President Vladimir Putin and late President Ebrahim Raisi. 

Raisi, a hardliner seen as a potential successor to Supreme Leader Ali Khamenei, was killed when his helicopter crashed in May. 

In January, Russia's Foreign Ministry had said a new interstate treaty reflecting the "unprecedented upswing" in Russia-Iran ties was in the final stages of being agreed, and Putin and Raisi were expected to sign it soon.  



Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.