E2-Wire

Iran deal sends oil prices lower

by Ben Geman - 11/25/13 7:56 AM ET

Reuters reports that the nuclear deal between Iran and six nations sent oil prices downward Monday.

“Brent crude, a benchmark for world oil prices, shed over $2 a barrel, its biggest drop for more than three weeks, to trade around $108.70, although the deal means Iran won’t be allowed to increase oil sales for six months,” the news service reports.

But Bloomberg reports that some analysts call the lower prices a “knee-jerk” reaction to the accord.

Tags Iran oil