The depressing effect on the oil price of progress towards an Iranian nuclear deal haven't lasted long.
Monday's more than 5 per cent bounce in both Brent, the global crude benchmark, and WTI, the US equivalent, were fed in part by a reassessment of how quickly any new crude supply from Iran could reach the market.
Should Friday's outline of an agreement between Iran and the permanent members of the UN Security Council as well as Germany - a group collectively known as P5+1 - be finalised by the end of June, economic sanctions on Tehran could begin to be lifted.
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