Direct sanctions on international purchases of Iranian oil, enacted in 2012, have gutted Iran’s exports, cutting crude sales in half to between 1 million to 1.2 million barrels a day over the past year. Photo: Associated Press Iran, the U.S. and its allies are pushing ahead with talks over a nuclear deal that would change many things—perhaps none faster than the price of oil. Iranian exports in recent years have been essentially capped by Western sanctions aimed at pressuring Tehran over its nuclear ambitions. A deal easing those sanctions could eventually translate into half a million barrels or more in Iranian crude heading into a currently glutted global market, analysts estimate. With global crude prices already under pressure, a deal could quickly knock them lower. Some traders even cited the resumption of talks this week between […]