Global oil prices slid after Iran and six world powers announced a historic nuclear deal, which will allow Tehran to increase its oil exports.<br /><br /> Crude prices fell by around 2 percent in Tuesday’s trade as investors reacted to the deal.<br /><br /> With Tehran keen to regain its status as a major global energy power, there are market fears over a glut of new supply.<br /><br /> Iran is estimated to have up to 30 million barrels of crude in storage.<br /><br /> But Mike Ingram, market strategist at BGC Partners, said that it would be a “number of months” until Iranian oil reached global markets as “verification of Iran adhering to the terms of the deal – by the International Atomic Energy Agency, for instance – will take a number of months.”<br /><br /> “I don’t think we’ll see any crude hitting markets until 2016,” Ingram added.
