Iran Deal's Sanction Plan Could Affect Oil Prices
A nuclear deal with Iran could bring the global market an influx of Iranian oil, but when and how sanctions are lifted could also affect oil prices.By Kate Grumke | June 25, 2015
The deadline for a nuclear deal with Iran is June 30, and if an agreement is reached, that would mean, eventually, an end to certain sanctions against Iran. Iranians were pretty excited about that after the framework deal was agreed on.
That's because the sanctions have crippled Iran's oil-driven economy. Oil exports are believed to make up about 80 percent of Iran's total exports, and those exports have been cut almost in half since 2011. And Iran is believed to have the world's fourth-largest reserves. (Video via Press TV)
So the prospect of sanctions being a thing of the past, and a sudden outpouring of Iranian oil, has led some to predict it would push global oil prices lower.