Oil market braces for Iran’s return

As markets enter their fourth trading week of 2016, the havoc wreaked by oil prices are still being felt across a whole range of assets and markets, with European stocks coming under renewed pressureMonday after Iraq announced its oil output had reached a record high in December.

"If you look over the past 12 months and you track an index of emerging markets, stocks, currencies, junk bonds, other commodities to oil; they're practically identical to the oil price," Alan Miller, SCMDirect.com's CIO, told CNBC Monday.

Oil market braces for Iran’s return