EU foreign policy chief Josep Borrell speaks in Brussels, Belgium, August 18, 2022. (Photo: AFP/VNA)

Earlier this month, the EU released "a final text" of the agreement to revive the 2015 deal, which would see Iran scale back its nuclear program in exchange for sanctions relief. Borrell said Monday that Iran responded to the text with a few adjustments, which he considered reasonable. 

The final text and Iran's responses have been then sent to all the parties who negotiated the deal - China, Russia, Germany, France, and the UK. According to Borrell, the majority agree with Iran's adjustments. The deal's success now hinges on the US response, which Borrell said the EU expects this week. If the US gives the deal the green light, millions of barrels of Iranian oil could flow into world markets, alleviating the high oil prices that have been pushing up inflation globally.