the ending of sanctions on Iran lowers oil prices more

If the traditional and intense Sunni - Shiite antagonism develops into a hot war between Saudi Arabia and Iran that would change, of course.   Even so, there is enough being produced elsewhere in the world to replace it.

Stock markets across the Middle East collapsed as the lifting of economic sanctions against Iran threatened to unleash a fresh wave of oil onto global markets that are already drowning in excess supply.

All seven stock markets in Gulf states tumbled as panic gripped traders. Dubai’s DFM General Index slumped 4.8pc to 2,682.56, while Saudi Arabia’s Tadawul All Share Index collapsed by 7pc to 5,409.35, its lowest level in almost five years.

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