Oil is getting close to crumbling below levels not seen since the financial crisis. Prices slid to $34.53 a barrel on Monday morning, CNN reported -- the cheapest level since February 2009. The drop was fueled by concerns about a surge in Iranian oil production as soon as next month. The country is awaiting sanctions to be lifted early next year.

London, 26 Jul - Western and Middle East insurance specialists see Iran as an appealing $8 billion (£5 billion) market in the wake of its nuclear deal with world powers, though uncertainty over when sanctions on Tehran will be lifted means they are treating the country with caution, Reuters reported.

Eight out of 11 insurance and reinsurance specialists who responded to questions emailed by Reuters this week said Iran was an attractive or very attractive market, especially in the marine and energy sectors. Responses were on an anonymous basis due to the sensitivity of the issue.

Source: The New York Times

HOUSTON — Oil prices took another sharp turn downward on Monday to levels not seen since the depths of the 2009 recession. Several international banks predicted even lower prices later this year because of an oversupplied global crude market.


the price of U.S. crude has slumped below $75 a barrel, a four year low. While that’s good news for drivers, it’s not so good for oil-exporting nations such as Iran. The country is already exporting lower levels of oil due to international sanctions. CCTV America’s Nathan King reported the story from Washington D.C.