Iran is already seeing benefits of the nuclear agreement finalized on Tuesday.
The Tehran Stock Exchange rose 0.3%, with Tamin Petroleum & Petrochemical Investment Co. taking the highest gains at 3.2%. Two more oil and gas companies took 4.3% and 1.9% individual gains.
The country’s economy felt a bump as trading volume blossomed. About $136 million worth of shares traded for a 40% rise over Monday’s number. Iran’s currency slipped 0.1% to 29,500 per $1.
All of this was driven by the prospect of Iranian oil joining the global market again.
So too was the sudden drop in oil prices. On Tuesday morning, Brent Crude oil stood at just over $57 per barrel, but it quickly rebounded to $58.36 later that day. This came from an initial worry about Iran’s oil adding to the glut, followed by the realization that it would take some time — at least till the end of this year — to see some effect on the market.
And at what cost did Iran see this rise in numbers?
10 years of restricted nuclear development, the cutting of 98% of their over-enriched uranium inventory, and the stopper of two-thirds of its uranium centrifuges. So long as these conditions are met, both the U.S. and the E.U. will end sanctions and embargoes that have held back the Iranian economy for years.
Vicariously, the Gulf Cooperation Council’s numbers climbed too, lead by Oman, who had the strongest ties to Iran during the sanctions.
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