“The latest OPEC+ agreement involved comprehensive reform, but that the alliance was also working against ‘uncertainties and sentiment’ within the market,” said Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on Sunday, reported Reuters.

When asked what was necessary to achieve market stability, Prince Abdulaziz said at the Arab-China business conference in the Saudi capital Riyadh that that is why they had the latest agreement.

On the other hand, Iran's supreme leader Ayatollah Ali Khamenei said on Sunday, per Reuters, “A deal with the West over Tehran's nuclear work was possible if the country's nuclear infrastructure remained intact, amid a stalemate between Tehran and Washington to revive a 2015 nuclear pact.”

Last month, the IAEA reported limited progress over disputed issues with Iran, including re-installing some monitoring equipment originally put in place under the 2015 pact that Tehran ordered removed last year, reported Reuters.

Market reaction

The news flashes mixed signals as the US-Iran deal could weigh on the Oil price while the Saudi Arabian comfort with the OPEC+ output cut keeps the energy bulls hopeful. That said, the WTI crude oil dropped in the last two consecutive weeks to $70.00 at the latest.