By Catherine Kent
On April 6, 2015, The National reported that due to a preliminary deal last week between the United States and Iran, oil prices have bounced back. The world benchmark North Sea Brent crude oil futures are trading up 2.7% from the close of the previous day, at $56.47. While a deal was reached, it was not the final deal, and both parties also agree that this is just the first step down a long road. The plan is for the sanctions to be lifted slowly in congruence with Iran’s meeting certain milestones within the agreement. This bounce-back in oil prices might be short-lived as, Iran has 700,000 barrels per day of spare capacity that it has not been able to sell since the sanctions were put in place.