Oil prices were firm due to increase in price from Saudi Arabia. Also, due to uncertainty over oil exports from Iran, the oil prices were firm. The supply could remain at current levels even after the deal over nuclear program of Iran. The exports from Iran could until 2016 to start impacting the global supply of crude oil.
The Brent crude declined nearly five percent on Thursday after a preliminary deal with Iran was announced. A comprehensive deal is expected by June this year. Oil market analysts feel that exports from Iran could take many months, in case the lawmakers are able to clinch a deal by June.