Deal to curb Iran's nuclear program could send Brent crude plunging

|By:, SA News Editor

Analysts say crude oil prices could plunge if an agreement on Iran's nuclear program is made this weekend, as appears increasingly possible after U.S. Secretary of State John Kerry met with Iran's foreign minister Friday.

ClearView Partners' Kevin Book predicts Brent crude oil futures could fall as much as $12/bbl if a deal is reached to remove sanctions, which have kept ~1M bbl/day of Iranian crude out of the world market.

While a deal looks promising, the politics remain tricky; giving Iran some relief on sanctions in return for a halt to its nuclear program isn't popular in Congress or with allies including Israel.

ETFs: BNO, UOIL, DOIL, USO, OIL, UCO, SCO, DBO, DTO, CRUD, USL, SZO, DNO, OILZ, UWTI, OLO, DWTI, FOL, TWTI, OLEM.