It’s just a matter of time before sanctions on Iran are lifted. And when they are lifted, oil is likely to tumble further as the Persian Gulf country boosts production and battles swing-producer Saudi Arabia for market share.Crude-oil for August delivery CLQ5, -0.52% has been walloped with a 12% fall so far in July on the New York Mercantile Exchange. Prices dipped below $51 a barrel on Tuesday, before paring much of their losses.
August Brent crude traded on the ICE Futures exchange LCOQ5, -0.42% has seen a month-to-date loss of 9.4% and finished at $56.85 a barrel on Tuesday.
But oil prices are poised to fall further as a nuclear deal between Iran and the U.S., China, France, Russia, the U.K. and Germany appears likely. Such a deal would unleash a new supply of crude oil back on to the market.
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