By Dmitry Zhdannikov

LONDON (Reuters – The delay to Iran’s nuclear talks and possible return of Iranian crude oil to world markets will cause further increases in oil prices this week, according to analysts.

Russia is asking for U.S. written guarantees to ensure that the sanctions against Moscow related to its invasion of Ukraine will not affect Russian cooperation with Iran. Sources say that China also has raised new demands.

As Russia continued to struggle to sell its oil, last week’s benchmark closed at $118.11/barrel. It gained 21% and $115.68 respectively.

Amrita Sen co-founder Energy Aspects think tank said that Iran had been the most bearish market factor. But, if Iran’s deal is not completed by now, it could be a much quicker way to get the bottoms.

Sen stated that Brent may rise to $125 per barrel on Monday. This is quickly approaching the record $147 set in 2008.

JP Morgan analysts said that oil prices could rise to $185 per barrel in the coming year, according to JP Morgan.

Russia exports approximately 7 million barrels per day of crude oil and refined products, or about 7% of the global supply. Not all Kazakhstani oil exports have gone smoothly from Russian ports.

Analysts predicted that Iran may take months to restore oil flows, even if it agrees to a nuclear deal.

Eurasia Group warned that Russian demand could cause disruption to nuclear negotiations, although the chances of an agreement are still 70%.

Russia could use Iran to get around Western sanctions. “A written guarantee that Russia will allow it is unlikely to be possible in the middle of full-scale war in Ukraine,” Henry Rome of Eurasia said.