Iran Nuclear Deal Expected To Have Widespread Economic Impact

Published July 14, 2015 at 10:33 AM PDT

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German Foreign Minister Frank-Walter Steinmeier, British Secretary of State for Foreign and Commonwealth Affairs Philip Hammond and US Secretary of State John Kerry talk prior to a plenary session at the United Nations building in Vienna, Austria July 14, 2015. Iran and six major world powers reached a nuclear deal on Tuesday, capping more than a decade of on-off negotiations with an agreement that could potentially transform the Middle East, and which Israel called an "historic surrender". (JOE KLAMAR/AFP/Getty Images)

The landmark deal over Iran’s nuclear program will lift sanctions against the country, which will have economic consequences around the globe.

In terms of oil prices, Iranian officials are trying to get up to a million additional barrels of Iranian oil to the market, in a time when there is already oversupply and low prices. The lifting of sanctions also opens the door to other countries who want to expand their oil industries into Iran.

Jason Bellini of the Wall Street Journal joins Here & Now’s Meghna Chakrabarti to discuss the anticipated economic ripples of the deal reached in Vienna on Tuesday.

Guest

Jason Bellini, senior producer at The Wall Street Journal. He tweets @jasonbellini.