With wave of Iranian oil imminent, a shudder in Saudi Arabia

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WASHINGTON (AP) — A new wave of oil from Iran will flow into a global market awash in oil where prices are plumbing depths not seen in a dozen years.

With a historic nuclear deal between Iran, the U.S. and five other world powers set into place this weekend, a European oil embargo on the world's seventh-largest oil producer will end.

The most immediate fallout may be a steep drop in crude oil prices starting with the Asian market on Monday morning.

The anxiety already was palpable in Saudi Arabia's stock market, which plunged more than 5 percent Sunday. Saudi Arabia is the biggest oil producer within OPEC, the oil cartel with waning influence to which Iran also belongs.