West Texas Intermediate futures for August delivery climbed to $51.29 (+0.75%); Brent crude advanced to $57.06 (+0.25%) due to a power outage at Britain's largest oilfield. Positive progress in Greece helped improve risk sentiment. Nevertheless markets are oversupplied and Iran is set to add to this issue now that the nuclear deal is reached.

It will take time for Iran to raise output; however sources claim that it has millions of barrels of oil in store (51.4 million barrels as estimated by Windward, a Tel Aviv operated maritime data and analytics company) and that an Iranian supertanker with two million barrels of oil sailed to Asia after sitting in Iranian waters for months.