Oil prices up more than $1, potential Iran deal impact seen taking months

Oil prices rose more than $1 a barrel in early Asian trade on Monday, as last week's framework deal between Iran and global powers on Tehran's nuclear program offers little chance for any significant increase in exports until 2016. International benchmark Brent tumbled as much as 5 percent on Thursday after a preliminary deal was reached with Iran, paving the way for more Iranian oil onto world markets if a comprehensive deal is reached by June. "While clearly a bearish headline, a final deal and full lifting of sanctions still face a number of obstacles," Morgan Stanley analysts said in a note. "Even if a final deal is reached, we do not expect any physical market impact before 2016,' they said.



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