Oil Settles At Highest Level In Over a Week After Iran Deal

By Myra P. SaefongMarketWatch Pulse

Oil futures settled at their highest level in more than a week on Tuesday. Iran and the West announced an agreement over Iran’s nuclear program that may lift sanctions on the country, allowing it to boost oil exports. But analysts said it could take several months before a significant amount of oil from Iran hits the world market. August crude added 84 cents, or 1.6%, to settle at $53.04 a barrel on the New York Mercantile Exchange. That was the highest close since July 2.

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