Iranian crude oil hitting the market would have no "significant" effect on short-term prices but it could have an impact in the long run, one energy analyst said Tuesday.
Iran and six world powers led by the U.S. announced Tuesday they had reached a deal on Tehran's nuclear program, which would roll back some economic sanctions on the Islamic Republic pending compliance with the terms. After initially dipping on the agreement, WTI and Brent crude both rose Tuesday.
"It's going to take longer than many people think and it's going to be a lot less than people think. That's why we didn't see the impact on crude oil prices," said Fadel Gheit, an oil and gas analyst at Oppenheimer, in an interview with CNBC's "Power Lunch."