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Iran Deal Makes Oil Markets Shrug, for Now

A staff member removes the Iranian flag from the stage after a group picture of foreign ministers and representatives of the U.S., Iran, China, Russia, Britain, Germany, France, and the European Union during the Iran nuclear talks at the Vienna International Centre on July 14.

A staff member removes the Iranian flag from the stage after a group picture of foreign ministers and representatives of the U.S., Iran, China, Russia, Britain, Germany, France, and the European Union during the Iran nuclear talks at the Vienna International Centre on July 14.

Photographer: Carlos Barria/AFP via Getty Images

The nuclear agreement announced on Tuesday between Iran and global powers is being called historic and monumental. But in the oil market, it looked pretty ... blah.

Now that oil and financial sanctions will start rolling back in exchange for curbs on Iran’s nuclear program, supertankers full of the country’s oil are poised to hit the market for the first time in years. And the market already has too much oil to begin with, thanks to an OPEC price war and sluggish demand.