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| Oil prices fall after Iran agrees nuclear deal | Oil prices fall after Iran agrees nuclear deal |
| (35 minutes later) | |
| Oil prices have fallen after Iran agreed a deal to curb some of its nuclear activities in return for easing of international sanctions against it. | Oil prices have fallen after Iran agreed a deal to curb some of its nuclear activities in return for easing of international sanctions against it. |
| Iran holds the world's fourth-largest oil reserves but its exports have been hurt by the tough sanctions. | Iran holds the world's fourth-largest oil reserves but its exports have been hurt by the tough sanctions. |
| Though Iran will not be allowed to increase its oil sales for six months, the deal has eased tensions in the Middle East - a key oil-producing area. | Though Iran will not be allowed to increase its oil sales for six months, the deal has eased tensions in the Middle East - a key oil-producing area. |
| Brent crude fell more than 2% in early Asian trade on Monday. | Brent crude fell more than 2% in early Asian trade on Monday. |
| It dropped by $2.42 to $108.63 per barrel, while US light sweet crude fell 84 cents to $93.64 per barrel. | It dropped by $2.42 to $108.63 per barrel, while US light sweet crude fell 84 cents to $93.64 per barrel. |
| "There are a lot of sanctions that have been eased, which will allow Iran to slowly re-enter the global economy," Jonathan Barratt, chief economist at Barratt's Bulletin told the BBC. | "There are a lot of sanctions that have been eased, which will allow Iran to slowly re-enter the global economy," Jonathan Barratt, chief economist at Barratt's Bulletin told the BBC. |
| "And as for oil - it's a just a six-month waiting period. If they tick all the boxes during that time they will be back in that sector as well." | "And as for oil - it's a just a six-month waiting period. If they tick all the boxes during that time they will be back in that sector as well." |
| Knee-jerk reaction? | |
| World powers suspect Iran's nuclear programme is secretly aimed at developing a nuclear bomb - a charge Iran has consistently denied. | |
| In an attempt to force Tehran to curb its programme, the US and other leading economies have imposed a series of tough sanctions aimed at Iran's oil exports - a key driver of its economy. | |
| In November 2011, Washington threatened to cut off from the US financial system foreign financial institutions that conducted oil transactions with Iran's central bank. | |
| That prompted several countries including China, Japan, India and South Korea - some of the biggest buyers of Iranian oil - to cut their imports. | |
| The European Union also imposed a ban on imports of Iranian oil. | |
| "Working with our international partners, we have cut Iran's oil sales from 2.5 million barrels per day (bpd) in early 2012 to 1 million bpd today," a fact sheet published by the White House said. | |
| While the deal has raised hopes of a long-term agreement that may allow Iran to eventually increase its oil sales, some analysts said that oil prices were unlikely to see further declines. | |
| "This news is hot off the press, and so there is some knee-jerk reaction," said Ben le Brun, a market analyst at OptionsXpress in Sydney. | |
| "The market will probably want to see the nitty-gritty details of the agreement before we see any further significant declines in prices," he added. |