Its all the part of geopolitical issue....this artificial oil price manipulation must stop !!
Oil price woes deepen as Iran vows to add 500,000 barrels a day
Global oil prices will remain under pressure this week after Iran said it was ready to add half a million barrels a day to crude exports just hours after international sanctions were lifted this weekend. Iran’s president, Hassan Rouhani, hailed a “glorious victory” as his country relished reconnecting to the global economy following the formal announcement late on Saturday that sanctions were ending thanks to moves by Tehran to scale back its nuclear programme. Iran returns to international oil markets with prices hovering near 12-year lows because of a supply glut and waning global demand as economic growth falters. ... (full story)