Iran Nuclear Deal Would Put Downward Pressure on Oil

Talk is growing of a nuclear deal that could see a lifting of sanctions against Iran, a move that could turn the tap on its oil exports – something that would have significant ramifications for the volatile commodity, analysts say.

A deal on Iran’s nuclear program could be reached this week if the U.S. and other Western states had the sufficient political will and agree to removing sanctions, Reuters reported Iranian Foreign Minister Javad Zarif saying Monday.

Analysts said that while they do not expect a complete lifting of sanctions against Iran soon, oil markets are right to focus attention on the prospect.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza