Oil prices fell early Monday in Asia, as a nuclear accord between Iran and six world powers eased geopolitical tensions. The deal may pave the way for more crude oil to reach the global market.
The U.S. and five other world powers struck a historic accord with Iran on Sunday, agreeing to ease part of an economic stranglehold in exchange for steps to cap Tehran’s nuclear program. The accord aims to ensure that the Islamist government doesn’t rush to develop atomic weapons.
Iran, in return, will gain relief from Western economic sanctions that U.S. officials believe will provide between $6 billion and $7 billion in badly needed foreign exchange for Tehran over the next six months.