NEW YORK ( TheStreet) -- Today Joe Deaux and I discuss the Iran nuclear talks that failed to reach an agreement, but will begin again next week in Geneva. The prospect of a deal to keep tabs on Iran's nuclear development has put increasing pressure on crude prices.
That's because economic sanctions have crippled the production capability of oil in Iran as well as put very strict limits on the export of what the Iranians still can produce.
Any kind of agreement that might lessen the restrictions of export and help free capital to increase production would add another 1.3 million barrels of crude oil to the global marketplace, a significant number of barrels that could force prices lower.
Despite suspicion from the French and a strong lobby in the U.S. Congress of any deal with the Iranians, Secretary of State John Kerry again reaffirmed his belief that a diplomatic solution is coming and is committed to continued talks.But for now, there is no deal -- and oil prices are looking for guidance for some more mundane information, like the EIA report coming Wednesday. I talk more about the oil market with Joe in the video above. This article was written by an independent contributor, separate from TheStreet's regular news coverage.