Iran nuclear deal sets trajectory for U.S. oil prices to sink below $2 by the end of 2015. Since 1995, sanctions against Iran have prohibited the nation from selling to many Western countries. This major deal between 6 major powers and Iran will lift certain sanctions, however the exact details of how the sanctions will be lifted is undetermined.
According to experts at a Credit Suisse conference, Iran could add as much as 500,000 barrels of oil per day to the worldwide market; 800,000 after sanctions are lifted. This is in addition to the 30 million barrels that Iran currently has in storage.