Iran torpedoed oil prices over the weekend. The question is whether the market can turn around in time to avoid serious damage. Already hovering below the psychologically significant $30-a-barrel level after Friday’s selloff, the all-clear from the International Atomic Energy Agency on Saturday opened the door for Iran to flood the market with even more crude. Oil prices responded by falling 3.3% Tuesday to a new 12-year low of $28.46 in New York, while global benchmark Brent hovered near $28.80. The selloff might seem like an overreaction. After all, Iran’s full-re-entry into the world energy market upon the lifting of sanctions has been expected since last summer. Furthermore, oil production can’t simply be switched on and off, particularly after years of underinvestment. But Iran has been champing at the bit in hopes of regaining market share lost to rivals. And that is why its return to the market might […]