Oil prices tumble as Iran, global powers reach nuclear deal

Oil prices tumbled more than $1 on Tuesday after Iran and six global powers reached a landmark nuclear deal that would see an easing of sanctions against Tehran and a gradual increase in its oil exports. Front-month Brent crude futures LCOc1 had dropped 95 cents to $56.90 a barrel by 0740 GMT. US crude CLc1 was trading down $1.10 at $51.10 per barrel. Analysts say it would take Iran many months to fully ramp up its export capacity following any easing of sanctions. But even a modest initial increase would be enough to pull international oil prices down further as the market is already producing around 2.5 million barrels per day above demand, according to Reuters.