U.S. and Iran Deal Impacts Oil Price

Early Tuesday oil prices fell 2% on Brent crude when the landmark agreement was signed lifting the sanctions on Iranian exports including oil. Then surprisingly "Oil prices reversed themselves and moved higher despite a historic nuclear deal that traders feared could flood the market with Iranian crude." The reversal came from the realization that it will be many months before Iranian crude hits the market. The impact will be felt in 2016.  Iran does not have huge oil reserves to sell at present.  Iranian director of International affairs at the National Iranian Oil Company, Mohsen Qamsari, said,  "We will try to maximize our crude export capacity to Europe and restore 42 to 43 percent share in the European market before the sanctions were imposed."