What Iran nuclear talks mean for oil

Category: Iran

If there's no deal, that would likely trigger additional sanctions from Congress. Last year, Sens. Mark Kirk, R-Ill., and Robert Menendez, D-N.J., co-authored a sanctions bill that has been held up by Senate Majority Leader Harry Reid, D-Nev., under pressure from the White House.

In January, however, when the 114th Congress is sworn in, Reid will be replaced by Sen. Mitch McConnell, R-Ky. A Republican staffer said Wednesday of the proposed sanctions, "that bill will definitely be on the agenda."

Read MoreVenezuela official tours Middle East, Russia to talk oil

The Kirk-Menendez bill has 60 co-sponsors, and because of the makeup of the incoming Senate and the fact that preventing Iran from having nuclear capabilities is a popular bipartisan issue, those 60 are likely to grow to a veto-proof 67 quickly.

That could mean a sharp increase in the price of oil.

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What Iran nuclear talks mean for oil

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November 15th, 2014
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