Oil Prices Sink After Iran Nuclear Deal

Oil prices sank Monday as a nuclear deal between Iran and six world powers made it more likely that the sanctions choking Iranian oil exports will eventually be lifted.

Brent crude, a benchmark for international oils, was down US$2.53 at US$108.52 a barrel at midafternoon Bangkok time in electronic trading on the ICE futures exchange in London. Benchmark U.S. crude fell US$1.54 to US$93.30 on the New York Mercantile Exchange.

After marathon negotiations in Geneva, Iran on Sunday reached an agreement with the U.S., Britain, France, Russia, China and Germany.

Iran got limited relief from sanctions that have hobbled its economy, but an embargo on its oil...