The expected return of Iran to the oil market, following the implementation Saturday of its historic nuclear deal with world powers, will only worsen the production glut that has been the main reason for the oil price dive.
All seven Gulf bourses saw a wave of panick selling, sending indices to multi-year lows.
Big investors joined small dealers in dumping shares in fear of a further slump.
View galleryIranian President Hassan Rouhani (L) walking with Oil …
Iranian President Hassan Rouhani (L) walking with Oil Minister Bijan Namdar Zanaganeh (R) at phase 1 …
"The majority of Gulf firms depend on their governments, which depend on oil revenues. No one knows the bottom of oil prices," Kuwaiti analyst Ali al-Nemish said.
You all kept bashing others when others said SDRL was going under 5 ... under 4 ... and now just about ready to go under 3 ....I want you to know that KARMA is a BITCH. Greed got the better pf you...now don't blame others for your losses. Y'all DESERVE It.
Take it like a MAN ... Boyzzzz
SDRL will make you experience every kind of water torture my friend. Big boyz suckered in longs with every kind of optimism and continued to sell. CR OO KS.