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During the early Asian session on Wednesday, the Financial Times (FT) came out with the news, relying on the International Atomic Energy Agency (IAEA), which suggests increasing threats of Iran’s nuclear activity.

Key quotes

Iran has tripled its stockpile of enriched uranium over the past three months and failed to provide inspectors access to two undeclared sites, the UN nuclear watchdog said on Tuesday, in two reports that will raise concerns about the pace at which Tehran is ramping up its atomic activity.

One of the confidential reports obtained by the Financial Times from the International Atomic Energy Agency, which is tasked with monitoring Iran’s compliance with its 2015 nuclear accord and other protocols, said Iran’s total enriched uranium stockpile had reached 1,020.9kg, up 648.6kg since the previous quarterly report.

A second report, also obtained by the FT, said Tehran had failed to respond to three letters and follow-up reminders from the IAEA, which had questions ‘related to possible undeclared nuclear material and nuclear-related activities at three locations in Iran that had not been declared by Iran’.

Iran then refused the IAEA access to two sites at which the agency made a request to carry out ‘location-specific environmental sampling’ after receiving no replies to its six letters. It had asked whether natural uranium or nuclear material was present at three sites, which it did not name in the report.

Market implications

With the coronavirus (COVID-19) fears currently weighing on the commodities, energy prices failed to cheer the upbeat news. By the press time, WTI remains under pressure below $47.00.