Crude slides as Iran clinches historic nuclear deal

London

OIL dropped on Tuesday after Iran and six global powers reached a landmark nuclear deal that would see an easing of sanctions against Teheran and a gradual increase in its oil exports.

Earlier heavy losses were trimmed as traders digested initial news of the deal, with the expected rise in global crude supply already priced in over recent weeks.

The agreement, which capped more than a decade of on-off talks, was hailed by US President Barack Obama as an opportunity worth seizing while Iranian President Hassan Rouhani said it marked a new phase in international relations.

Under the deal, sanctions imposed by …