The Iran Nuclear Deal Won’t Happen Any Time Soon

Global oil markets have been on edge recently due to the continuing JCPOA discussions and the possibility of the U.S. rejoining the deal. While there have been no real breakthroughs in the discussions so far, the possibility of Iranian oil exports coming back online is adding downward pressure to oil prices. Despite this added pressure, international oil benchmark Brent is still firmly above $70, and oil price optimism is only increasing. This optimism is due to the growing global demand for oil and petroleum products and is also driven by warnings…