Iran Nuclear Agreement seems to be a welcome change of global diplomacy and relief for Crude oil price

After 12 years of ordeal, Iran and the global powers are finally coming to terms about the former’s nuclear program. With the current scenario in Middle East, the last thing the world needed is another global confrontation. For the U.S., grappling with a 35-year estrangement from the Islamic Republic, the pact will probably face further hurdles. Congress now has 60 days to review the document, where it will meet resistance from lawmakers who have opposed making nuclear compromises with Iran. We shall have to wait for the details of the agreement, but the current events do seem to be better way to resolve conflict rather than the strategy approached in “burning” examples such as Iraq.

The Crude oil price might now fall back as Iran will ramp up its production. The Iranian market is going to be a huge opportunity as it’s predominantly untapped. To have a positive lookout, the development looks very promising. Still, we shall have to wait to see how this pan out and there should not be a drastic change of affairs.

For more assessments and updates, do visit: www.atspeedcorp.com

Anwesh Chakraborty