Nowadays' big news is the removal of international economic sanctions on Iran, following the implementation of the July 2015 nuclear agreement.

Bijan Zanganeh, Iran’s oil ministry ordered the ramp up of 500K barrels per day in production. Iran says it can achieve the target almost immediately. Iran has oil tankers loaded with 50 million barrels of crude oil ready to depart. Iran has every incentive to sell more oil, just like any other producer who is trying to make up for falling revenue by shipping more volume.

The Iran and 5+1 talks firstly caused Oil Prices Drop Amid 'Excitement' Over End to Iran Sanctions couple of days ago, but later the market backed off due to slow resume of Iran's return to production. These are heated transient reactions by market observers not the steady state of world scale economy.