Lift of sanctions against Iran's oil exports already priced in

Oil prices rose yesterday, recovering from a 2003 low as the market braced for additional Iranian exports after the lifting of sanctions against the country over the weekend.

The US and EU over the weekend revoked sanctions that had cut Iran’s oil exports by about 2m barrels per day since their pre-sanctions 2011 peak to little more than 1m daily barrels.

Iran, a member of the Organization of the Petroleum Exporting Countries (Opec) issued an order yesterday to increase production by 500,000 daily barrels, the country’s deputy oil minister said.