The prospect of a deal over Iran’s nuclear program saw oil fall sharply on Thursday. The reality is that Tehran has relatively little extra crude that it can bring back — but it could arrive in a market that’s gearing up for surplus.

Wall Street is veering lower while oil prices are down more than $2 a barrel as traders bet on a possible U.S.-Iran nuclear deal.

Oil prices slumped significantly as President Trump indicated progress in negotiations with Iran regarding a nuclear deal, potentially leading to sanctions relief and impacting global oil supply.