U.S. Secretary of State John Kerry (2nd L) meets with foreign ministers and delegations from Germany, France, China, Britain, Russia and the European Union at a hotel in Vienna, Austria July 13, 2015. Have oil markets done enough, or too much, to price in the expected return of millions of barrels of Iranian crude? Global benchmark Brent crude gained 1.1 percent on Tuesday after news of the deal between Iran and six major powers to monitor the Islamic republic’s nuclear program in exchange for a relaxation of sanctions, including those on oil exports and investment. The rise in Brent was ascribed to the view that even if the deal gets final approval from all parties, it will still take several months to start being implemented, meaning that increased Iranian oil shipments are unlikely to hit the market until sometime in 2016. While movements in the front-month futures contract tend […]