Here Comes Iranian Crude And (Probably) Even Lower Oil Prices

Bill Murray, Real Clear Energy: Oil Markets Clutch Blanket as Iran's Adoption Day Nears

As evidenced by reports that several hardline members of Iran’s parliament were so distraught they were crying after failing to stop passage of the nuclear agreement earlier this week in Tehran, the reopening of Iran’s economy after years of biting sanctions is leaving a lot of people and world capitals on edge.

Passage of the agreement through the 290-seat Majlis on Tuesday was a near-formality, but its occurrence is being viewed as one of the last possible political obstacles before the agreement enters into force on Sunday, Oct. 18, a date known as “adoption day” by the signatories. Oil markets around the world will be on edge in the coming weeks, with many divergent opinions about what the price of crude will do once copious amounts of additional Iranian crude start to reach Asian refineries.

WNU Editor: These oil price drops do not even take into account Libyan crude being off the market (for now), and the growing turmoil in Iraq and its impact on oil production.