Negotiators may have missed Tuesday's deadline, but they could still reach a deal to lift sanctions on Iranian oil exports today, which would send prices further south, analysts say.
"An agreement would trigger an instant price dip for Brent oil, but of no more than $5," said IHS Energy Insight vice president Victor Shum said by phone. While "a deal would be a breakthrough, it will only add to the supply glut in the oil markets and, potentially, push Brent towards $30 a barrel."
Negotiators from Iran and six world powers on Tehran's nuclear program failed to meet a deadline on Tuesday that would have paved the way to lift United Nations sanctions on Iranian oil exports. But talks will continue in Switzerland today.
