Crude oil continued its bumpy ride this week going into the Friday session after news reports of a potential US – Iran deal to free up supply for the global market overnight.
The Israeli news outlet Haaretz cited Israeli defence officials as saying that progress had been made toward a deal that will allow Iranian oil back onto the open market in exchange for Tehran to cease the process of high-level enrichment of uranium.
It is being reported that the deal may lead to a million barrels per day being added to supply. The news comes hot on the heels of the announcement last weekend that Saudi Arabia will cut its output by the same amount starting on July 1st.
