The price of oil skidded to less than $29 a barrel this weekend, with Iran’s return to the export market considered the most likely culprit.

The nuclear treaty with the United States and other western countries ended the sanctions on Iran on Saturday.

The country’s return to the oil markets will worsen “the epic supply glut” that has drowned investors and sent oil prices from $100 a barrel in mid 2014 to the current levels, according to CNN.

Just six months ago, with oil around $58 a barrel, industry analysts and Louisiana economists predicted the nuclear deal would lengthen the oil price doldrums. But few anticipated the current prices.