One of several factors contributing to the sharp drop in global oil prices in recent months has been optimism about a deal over Iran’s nuclear capabilities. Despite Tehran’s denials, fears the country is developing nuclear weapons has kept the international benchmark price for crude oil above $100 a barrel for nearly three years. A new round of talks over Iran’s nuclear program begins in Geneva on Thursday. Iran’s top negotiator has said it is possible that there could be a preliminary deal as early as this week, which could have a dramatic impact on oil prices—and U.S. consumers. “There’s a $10-to-$15 ‘risk premium’ in the price of oil, and it’s been there for quite a while—just related to what’s going on with Iran, its nuclear program and the West’s reaction to it,” said Addison Armstrong, senior director of market research at Tradition Energy, […]