After what Israel calls a historic mistake the Iran nuclear deal really could open up a new front in the OPEC production war. We know that OPEC's main reason for flooding the market was to try to defend market share from the upstart U.S. shale producer. But the potential return of Iranian oil may actually turn OPEC's production war away from the United States and focus on Iran.
The markets generally have continued to stabilize after the Greeks appear to have backtracked in their willingness to accept certain austerity measures as a condition of further financial assistance and the measures that the Chinese government instituted to bolster her failing equity markets appear to have worked for the moment.
Crude prices slid after a Greek deal hope rally, only to be slowed by a report by the IEA. The report warned that demand for oil will slow in 2016, and Greece, China and the potential return of Iranian oil is not going to improve that outlook.