The fallout from the failure of a high-profile international meeting over Iran's nuclear ambitions could be most felt in the cost of oil.
The Brent crude price of oil rose towards $106 a barrel in early trading Monday morning, following the conclusion of the weekend's meeting. Any signs that Iran is coming into the international fold, and that sanctions against the state could be lifted, are usually negative for the oil price.
Yet there is an "intrinsic downside" to forecasts for the oil price in the next year, ClearView Energy Partners argued. Analysts at the energy research firm predict that the cost of oil will fall $102 per barrel in the last quarter of 2014, with a bull case of $107 and a bear case of $90, because Iran could still come back to the table rather than face strengthened U.S. sanctions.
"Iran might bristle at negotiating at gunpoint, but such conditions also have a tendency to 'focus the mind,'" they argued.