Crude prices tumble amid optimism on Iran nuclear deal

Crude prices have tumbled more than one dollar per barrel amid growing speculation that Iran and the P5+1 Group of countries may reach a final deal over Tehran’s nuclear program.

Brent crude fell 1.6% or $1.70 to $57.06 a barrel on Monday.

Meanwhile, West Texas tumbled $1.15 to $51.59 a barrel.

The decline in crude prices comes as foreign ministers from Iran and the five permanent members of UN Security Council ( US, UK, France, China and Russia) plus Germany, have gathered in the Austrian Capital Vienna in an effort to finalize a nuclear deal.

The nuclear talks, the latest round of which has been underway for more than two weeks in the Austrian capital of Vienna, aim to hammer out an agreement on Tehran’s nuclear program to end the West’s 13-year-old standoff with the Islamic Republic over the country’s nuclear program.

Iran sits atop the world’s 4th largest oil reserves and the second largest gas reserves.

Iran has been subject to unilateral Western sanctions over its nuclear program since 2012 which have seen the oil-rich country’s crude exports drop by more than 50%.

Tehran is estimated to hold 30 million barrels of crude in storage.

Oil prices are expected to further decrease if Iran and the six world powers mange to secure a final nuclear deal.