What you're not hearing about the US re-entering the Iran nuclear deal

The State Department has announced it will enter multilateral negotiations to restart the Iran nuclear deal. It would allow Iran to restore 1.79 million barrels per day of oil production lost from May 2018 when Trump ended the deal. This would stress what will likely be a glutted oil market once both demand and supply return to pre-pandemic conditions. When sanctions were lifted in 2015, when the deal was first done, oil prices fell by more than 50% in six months and nearly caused a recession. Getting a deal now would be more complicated than it was in 2015, and Biden may face resistance from the green lobby that doesn't want more global production or lower fossil fuel prices. And Biden dare not be seen as "soft on Iran" or "cozy with dictators." We expect a global boom in 2021, but we rank this as the biggest potential threat to it.