Abu Dhabi – Mubasher: The ending of sanctions against Iran is likely to have a ‘limited’ effect on the oil prices, said Omani Oil Minister Mohammed bin Hamad Al Rumhy.
The U.S. announced Saturday removing its sanctions imposed on Iran after a nuclear deal was reached.
Meanwhile, analysts clarified that lifting sanctions would lead to a glut in global supply of oil , and consequently, oil prices are going to fall.
Brent fell by 2.2% to $27.67 per barrel. In addition, US crude oil decreased 58 cents to $28.84.
