Brent slips more than $2 after breakthrough Iran deal

Brent crude dropped more than $2 a barrel on Monday as supply fears eased following a breakthrough nuclear deal between world powers and Iran over the weekend.

Tough sanctions against Iran in the past two years have slashed exports from the OPEC member by more than half and cost Tehran billions of dollars in revenue losses a month, keeping Brent above $100 a barrel despite weak global demand.

The deal, which halts Iran’s most sensitive nuclear activity, also suspends sanctions by the United States and the European Union on several other sectors of Iran’s economy for an initial six-month period.

 Brent currently trading @ $108,94 with Crude @ $93,58.