European markets welcomed news of this weekend's nuclear deal with Iran as global oil prices dropped and European shares rose in early trading Monday, NBC News reported. The agreement would partially lift sanctions on Tehran in exchange for a temporary freeze on its nuclear program, buying time for world leaders to draft a longer-term deal. The potential of a future deal that would allow Iran to restore full production will keep oil prices lower in the short-term, analysts believe. The accord also raises the possibility that a long-term agreement would eventually allow Iran to restore oil production to pre-sanction levels.
Oil Prices Fall After Iran Nuke Deal
A passer-by watches the electronic stock indicator of a securities firm in Tokyo, Monday, Sept. 30, 2013. Japan's Nikkei 225 stock average, the region's heavyweight, closed 2.1 percent lower at 14,455.80 as financial markets were rocked Monday by fears that the U.S. government was heading for a shutdown and renewed political instability in Italy. (AP Photo/Shizuo Kambayashi)
Updated at 7:28 AM EST on Monday, Nov 25, 2013