Iran Deal, Greek Bailout Send Oil Prices Tumbling

The prospect of striking a deal with Iran on its nuclear program, coupled with the bailout for Greece, is causing a drop in oil prices worldwide.

Experts say easing sanctions on Iran will allow Iranian oil to enter more world markets, adding to the global oil surplus.

Brent crude fell almost 3 percent to $57.30 a barrel, and U.S. light crude, also referred to as West Texas Intermediate, fell to $51.59 a barrel.

Analysts at Merrill Lynch predicted crude oil prices could drop "well below our $50 per barrel target" in the third quarter of 2015.

U.S. gas prices are down nationwide, averaging $2.77 a gallon, $.89 below the same time last year.