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Oil price falls on Iran nuclear deal
The price of Brent crude oil has fallen as much as $3 per barrel, following a deal between Iran and other major world powers on nuclear activities.
The deal, which curbs the Middle East’s regime on nuclear enrichment activities in return for a partial lifting of trade sanctions for a six-month period, has helped ease fears over oil supply.
Brent crude oil dipped to $108.05 per barrel yesterday morning, a fall of $3, before climbing back to $110 over the course of the day.
Stock markets across the globe were lifted by the deal, which prevents Iran from enriching uranium to weapons-grade level.
It is aimed at increasing the amount of time Iran would need to build a nuclear weapon.
Iran holds the world’s fourth-largest oil reserves, but its exports have been hurt by the tough sanctions against it.