The nuclear accord between Iran and six global powers to be signed Tuesday paves the way for the lifting of Western sanctions and is a step toward restoring Tehran’s oil exports to previous levels. Oil prices fell sharply after news of the deal emerged, with both Brent and Nymex oil futures dropping by more than 2%, posting a loss for the second consecutive day this week. Traders said that while markets have largely priced in a successful nuclear deal, oil prices could breach support levels as a knee-jerk reaction, even though the actual ramp-up in Iranian oil exports could take several months to materialize. Iran, which holds the world’s fourth-largest proved oil reserves, has seen its oil exports nearly halve from peak levels since Western sanctions were imposed. Ramping up oil exports will likely add to current oversupply in the global market and pressure oil prices further. Initial estimates […]