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| Oil prices fall after Iran agrees nuclear deal | Oil prices fall after Iran agrees nuclear deal |
| (about 4 hours later) | |
| Oil prices have fallen after Iran agreed a deal to curb some of its nuclear activities in return for an easing of international sanctions. | Oil prices have fallen after Iran agreed a deal to curb some of its nuclear activities in return for an easing of international sanctions. |
| Iran holds the world's fourth-largest oil reserves, but its exports have been hurt by the tough sanctions against it. | Iran holds the world's fourth-largest oil reserves, but its exports have been hurt by the tough sanctions against it. |
| 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 was recently down 64 cents at $110.41 a barrel. | |
| It had fallen to as low as $108.05 earlier in the trading session. Meanwhile, US light sweet crude was down $1.01 to $93.83, having fallen as low as $93.08. | |
| Fuel-intensive companies, such as airlines and travel firms, received a boost on the stock markets as a result. | Fuel-intensive companies, such as airlines and travel firms, received a boost on the stock markets as a result. |
| International Airlines Group, the owner of British Airways and Iberia, was up 2.87% in lunchtime trading, while Air France KLM rose 3.11%. Travel operator Thomas Cook lifted 3.68%. | International Airlines Group, the owner of British Airways and Iberia, was up 2.87% in lunchtime trading, while Air France KLM rose 3.11%. Travel operator Thomas Cook lifted 3.68%. |
| "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? | Knee-jerk reaction? |
| World powers suspect Iran's nuclear programme is secretly aimed at developing a nuclear bomb - a charge Iran has consistently denied. | 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 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 shun foreign financial institutions that conducted oil transactions with Iran's central bank. | In November 2011, Washington threatened to shun 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. | 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. | 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. | "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 increase its oil sales eventually, some analysts believe oil prices are unlikely to fall further. | While the deal has raised hopes of a long-term agreement that may allow Iran to increase its oil sales eventually, some analysts believe oil prices are unlikely to fall further. |
| "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. | "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. | "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. |