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FxWirePro: Daily Commodity Tracker - 21st March, 2022 
The oil market started to price in the return of Iranian oil just before the first deadline for the negotiations was reached on 30 June. Then as the negotiations made progress and a new postponement seemed more and more unlikely, oil prices continued to fall. A deal was already priced in when we reached the final day of negotiations, therefore the price fall today has been limited, says Nordea Global.
To measure the total impact of the deal on the oil prices, 16 days of negotiations has to be taken into account. During this period of time the price of oil for short-term delivery (the front month contract) has fallen by around USD 6/barrel or 10%, and oil with delivery at end-2016 has fallen by USD 5/barrel. With an Iranian nuclear deal signed, it is expected that, Brent crude will trade closer to USD 70/barrel in 2016 than current forecast at USD 75/barrel. But, it is believed that, the Brent oil price will average USD 62/barrel in 2015, notes Nordea Global.
