03:24 GMT +320 October 2019
Listen Live
    Oil barrell

    Nuclear Deal With Iran Leads to Decline in Oil Prices

    © Flickr / olle svensson
    Middle East
    Get short URL
    0 62

    Iran and the P5+1 Group managed to reach an agreement during recent nuclear negotiations. This resulted in a decrease in oil prices and may lead to the resumption of Iranian petroleum exports in the near future, DWN reported.

    Parties have reached a final agreement on Tehran’s nuclear program after over two weeks of intense negotiations.

    "All the hard work has paid off and we sealed a deal. God bless our people," DWN wrote, citing a statement an Iranian diplomat made to Reuters.

    According to the newspaper, the success of negotiations influenced oil prices and lead to the decrease. The price of North Sea oil declined by 1.6 percent and reached $56.94 per barrel. The US oil WTI even lost 3.3 percent in price and reached $50.48. According to stockbrokers, the nuclear deal increases the chances of an early resumption of Iranian petroleum exports.

    For a long time, Iran has been suspected of developing nuclear weapons under the guise of a civilian nuclear program. Tehran’s leadership has repeatedly denied the accusations.

    The new agreement is expected to pave the way for the lifting of imposed sanctions in return for limited nuclear activities, and may be considered as a breakthrough in relations between Iran and the international community.


    Putin: World Breathes Sigh of Relief Over Iran Nuclear Deal
    Iran Nuclear Deal Ends Decade-Long Standoff - Mogherini, Zarif
    Iran Deal Could be Turning Point in Iran Ties With the World - Tusk
    nuclear deal, oil prices, Iran
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik