OIL prices have plunged amid a considerable progression in restoring Iran’s 2015 nuclear deal with world powers.
Brent crude futures, the global oil benchmark, fell $1.3 per cent to $95.31 a barrel.
US West Texas Intermediate, on the other hand, fell $1.2 per cent to $89.51.
The agreement is expected to clear the way for Iran to boost its crude exports in a tight market.
The Iran nuclear agreement, formally known as the joint comprehensive plan of action (JCPOA), is a landmark accord reached between Iran and a group of world powers known as the P5+1 – the US, UK, France, China, Russia and Germany, in July 2015.
Under its terms, Iran agreed to limit its nuclear activities and open its facilities to more extensive international inspections in return for the relaxing of economic sanctions.
