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.
Most key stock indexes in the United States and Europe edged ahead and markets in Asia were mostly higher after Tehran agreed Sunday 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 1.9 percent, before both rebounded. Analysts said the initial price retreat was based more on optimism for future world oil trading, rather than because of 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 would be enough to meet the expected increase in the global demand forecast for 2014 by the International Energy Agency.