Having less sweeping market consequences--but very key to the price discovery of the energy sector--is the news that the United States and five other nations have a struck an accord with Iran exchanging deterred nuclear development for easing of economic sanctions.
In the United States, investors are probably waiting to see the results of some company earnings before deciding on what to do with their long equity holdings. The second quarter reporting season has already started and will kick into a higher gear next week.
A Greek deal and a possible Iran deal is giving crude oil mixed signals. On one hand, it seems that a deal in Greece will allow the market to focus on the more positive data that has been coming out of the Eurozone.