Oil sinks on Iran's nuclear deal; gold dives on rebounding dollar

London

OIL sank last week after a landmark nuclear deal between Teheran and Western powers that would allow Iranian crude to flow back into the already saturated global market.

Many other commodities took a heavy knock from the rebounding dollar, with precious metal gold striking a five-year low point.

The greenback rallied on news of rising US inflation and after Federal Reserve chief Janet Yellen reaffirmed an interest rate hike by year-end.

Greece's latest bailout deal also buoyed the US unit, making many dollar-priced commodities less attractive to buyers using other currencies.

Crude oil prices fell heavily after key crude producer Iran's nuclear energy agreement with major world powers.

Britain, China, France, Germany, Russia and the US clinched a historic deal on Tuesday aimed at ensuring Iran does not obtain the nuclear bomb, opening up Teheran's stricken economy and potentially ending decades of bad blood with the W…