Oil prices fall following Iranian nuclear deal

Oil prices have fallen more than a $1 on Tuesday after Iran and six world powers reached a deal that may ease economic sanctions imposed on Tehran and gradually increases the country’s oil exports in exchange for Tehran restricting its nuclear activities.

Brent crude prices fell by more than 2 per cent to reach $56.66 a barrel.

US crude prices dropped by $1.21 to $50.99 a barrel.

Sarosh Zaiwalla, a London-based lawyer specialising in sanctions, said that “sanctions have crippled Iran’s oil production, halving oil exports and severely limiting new development projects.”

“Foreign trade and investment will allow Iran to make huge efficiencies and drive down the cost of production,” he added.