“Oil prices tumbled on Monday after a groundbreaking agreement aimed at curbing Iran’s nuclear program eased tensions in the region and raised the prospect of more oil exports from the country.
The preliminary accord, which was struck between Iran and six world powers, offers the Middle East nation $7 billion in relief from economic sanctions.
Iran, a major global oil producer, has seen oil salesslump by 60% from previous sanctions since the beginning of 2012. That has led to an $80 billion loss in revenue, according to the U.S. government.
Although the new deal won’t allow Iran to increase oil sales for six months, it could still pave the way for more supplies to be released to the global market….”Twitter