World stock prices mostly rose and oil prices fell Monday after world powers reached an agreement that eased tensions over Iran's nuclear development program.
Key stock indexes in the United States and Europe advanced and markets in Asia were mostly higher after Tehran agreed over the weekend to curtail its nuclear program in exchange for limited relief from sanctions that have hobbled its economy. One global stock index reached its highest level since 2008, at the start of the world economic downturn.
Prices for Brent oil, the benchmark for half the world's crude, fell as much as 2.7 percent in London, while U.S.-produced oil dropped 1.5 percent. But analysts said the falling prices may not last, and they could be based more on optimism for future world oil trading, rather than an immediate increase in Iranian oil exports.
Iran's agreement with the United States, Britain, France, Germany, Russia and China continues to limit its oil exports to one million barrels a day. But the six-month pact could make it easier for Iran to market its oil and lead to further exports, if the world powers can reach a long term agreement over its nuclear program.
If a long-term deal is struck in the coming months, Iran's oil exports could add another one million barrels a day to the global market. That is enough to meet the expected increase in the global demand forecast for 2014 by the International Energy Agency.