The United States has received, through the European Union, Iran's comments on the EU's nuclear proposal and is studying them, a spokesperson for the State Department said on Tuesday, as reported by Reuters.

Market reaction

Crude oil prices fell sharply on this development and the barrel of West Texas Intermediate was last seen losing 0.8% on the day at $87.20.

In case the US and Iran reach an agreement to revive the 2015 nuclear deal, Iranian gas and oil supply could enter the markets via the removal of sanctions.