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Brent falls as Iran reaches deal to halt nuclear enrichment

Brent and WTI prices fell in November as Iran reached a deal with the international community to halt its nuclear enrichment programme in return for a modest easing of economic sanctions

On 24 November, the US and five other nations reached a deal with Iran to curb its nuclear development in exchange for up to $7 billion in relief from economic sanctions over the next six months. Brent oil prices fell by more than $2 per barrel (/b) on 25 November, to $108/b. WTI also fell by around $1/b on the day, to around $93/b. As part of the deal, $4.2bn of Iran’s frozen oil assets will be released and it will be allowed to continue exporting oil at current levels of around 1m b/d. Deutsch Bank said in a 2 December note it expects oil markets to be sensitive to the possibility of Iranian sanctions easing over the next six months. Brent and WTI were trading around $109/b and $92/b re

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