So wrong. Iran has been selling Oil all the while. Just couldn't get insurance or access to Western banking. Their 2,000,000 some odd barrels of daily production add nothing to the equation. Way hugely blown out of proportion story with no basis in fact. That is why WTI is once again back around $100.
It will now be easier for Iran to ramp up production, but the Saudis will cut production before they allow Iran to dictate price.
Natural Gas pure players are flying high right now. Nat Gas getting close to $4. Guess what, Newfield is still a Natural Gas company and can switch to 100% gas drilling in a heartbeat. No reason for this sell off besides the fact that shorts still own this stock.