The preliminary deal suspends certain sanctions on gold and precious metals, Iran's auto sector, and petrochemical exports, but won't allow Iran to increase oil sales above one million barrels per day for six months.
Still, some analysts reckon Iranian exports could climb in the near term because sales have fallen short of that limit in recent months. And if the deal goes well, and sanctions are relaxed further, Iran could be pumping much more oil into world markets by the end of next year.
"From a big picture perspective, the deal... opens up the possibility of at least one million barrels per day of Iranian crude returning to world markets by the fourth quarter of 2014," said ClearView Energy Partners analyst Kevin Book.
Reduced political risk and the prospect of rising Iranian oil supplies weighed on energy prices in Monday trading.
Brent crude for January delivery fell 2% in early London trading before recovering to around $111 Monday evening. Light crude in New York also dipped Monday before recovering somewhat, finishing down $0.75 to $94.09 a barrel.
Book said the impact of the Iranian deal on oil prices would have been greater were it not for the loss of most Libyan production in recent months. Oil exports from the north African state have dwindled due to ongoing political turmoil.