Oil Gains Amid Tempered Iran Export Expectations (USO) (OIL)

Oil is ramping higher Monday following a reassessment of how quickly Iran will increase exports following new nuclear sanctions entered into with six global powers last week.

Last Saturday, Iran's foreign minister said the U.N. sanctions would be lifted immediately following a deal, though the U.S. issued a fact sheet stating that sanctions would begin being lifted once Tehran begins showing compliance with the deal.

WTI crude for May delivery is up 6.1 percent to $52.15 per barrel in New York, while Brent crude is up 5.8 percent to $58.11 per share.

iPath Dow Jones-Goldman Sachs Crude Oil Fund (NYSE: OIL) and United States Oil Fund (NYSE: USO) are both trading positive Monday.

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