The attempt to reach out to Iran from western oil companies like Royal Dutch Shell (NYSE: RDS.A) may have finally paid off. Oil prices have dropped as Iran's sanctions have been loosened and the country has nuclear capabilities. All because the oil companies have almost sealed the deal with Iran. According to CNN, Iran has an estimated 30 million barrels of oil in storage. With the potential for Iran's oil to flood the market a real threat the oil prices have dropped 1.6%. Crude oil is down to $52 a barrel. "Tehran has made clear its intention to lift exports as soon as the ink dries on an accord. The bottom of the market may still be ahead." The International Energy Agency said. For more news on oil, click here.