How the U.S.-Iran Deal Put A Higher Floor Under Oil Prices

Analysts are back to expecting a huge oil glut next year as they see the U.S.-Iran deal as the end of the worst of the Middle East crisis. The deal is actually just the beginning of long processes of negotiations, a reopening of the Strait of Hormuz, recovery of the more than 13 million barrels per day (bpd) of shut-in oil production in the Middle East, and a world so low on inventories – except in China – that refilling these will support oil prices for months to come. If the deal holds. Every assumption about global oil…