BY BARANI KRISHNAN
Brent oil fell nearly 4 percent on Thursday after a preliminary pact between Iran and global powers on Tehran’s nuclear program, even as officials set further talks in June and analysts questioned when the OPEC member will be allowed to export more crude.
Traders had been fixated on the talks held in Lausanne, Switzerland for over a week as Iran tried to agree with six world powers on concessions to its nuclear program to remove U.S.-led sanctions that have halved its oil exports.
The sanctions against Iran will come off under a “future comprehensive deal” to be agreed by June 30, after it complies with nuclear-related provisions, Iranian Foreign Minister Javad Zarif told a news conference.
“If nothing is going to be signed until June, something could go wrong between now and then,” said Phil Flynn, analyst at Price Futures Group in Chicago.
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