(NEWSER)  – The price of a barrel of oil has dived to its lowest since the days when Facebook didn't exist and most Americans had never heard of Fallujah.

The fall to prices not seen since 2003 came after Western nations dropped sanctions against Iran on Saturday, causing analysts to worry about a glut of oil coming to a market that was already experiencing dropping prices, reports Reuters.

"Iran has quite a large storage of oil at the moment. They are in a position to sell that if they choose to do so and increase supply quite quickly," a market analyst at CMC Markets tells the BBC, which notes that US shale oil and economic slowdowns in China and Japan have helped send prices downward.

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