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With wave of Iranian oil imminent, a shudder in Saudi Arabia

FILE - In this Dec. 22, 2014 file photo, an Iranian oil worker rides his bicycle at the Tehran's oil refinery south of the capital Tehran, Iran. With a historic nuclear deal between Iran, the U.S. and five other world powers set into place this weekend, a European oil embargo on the world's seventh-largest oil producer will end. The most immediate fallout may be a steep drop in crude oil prices starting with the Asian market on Monday, Jan. 18, 2016. (AP Photo/Vahid Salemi, File) FILE - In this Dec. 22, 2014 file photo, an Iranian oil worker rides his bicycle at the Tehran's oil refinery south of the capital Tehran, Iran. With a historic nuclear deal between Iran, the U.S. and five other world powers set into place this weekend, a European oil embargo on the world's seventh-largest oil producer will end. The most immediate fallout may be a steep drop in crude oil prices starting with the Asian market on Monday, Jan. 18, 2016. (AP Photo/Vahid Salemi, File)

By Associated Press January 17, 2016 1 min read

WASHINGTON (AP) – A new wave of oil from Iran will flow into a global market awash in oil where prices are plunging to depths not seen in a dozen years.

With a historic nuclear deal between Iran, the U.S. and five other world powers set into place this weekend, a European oil embargo on the world’s seventh-largest oil producer will end.

The most immediate fallout may be a steep drop in crude oil prices starting with the Asian market on Monday morning.

The anxiety already was palpable in Saudi Arabia’s stock market, which plunged more than 5 percent Sunday. Saudi Arabia is the biggest oil producer within OPEC, the oil cartel with waning influence to which Iran also belongs.