Iran’s pledge to restrict nuclear work in return for loosened economic sanctions may have a limited effect on crude prices, said analysts who called today’s 2.5 percent slump in Brent a “knee-jerk” reaction. Oil exports from the Islamic republic will be held to about 1 million barrels a day under sanctions that remain in force after Iran and six world powers reached an agreement yesterday in Geneva, according to the White House. The sanctions cut Iranian crude sales by 60 percent since the start of 2012, depriving the country of more than $80 billion in revenue, U.S. President Barack Obama ’s administration said in a statement. London’s Brent crude prices slumped today in the first day of trading since the deal while West Texas Intermediate fell 1.3 percent in New York . “There will be a little bit of a knee-jerk reaction,” Jonathan Barratt , the chief executive officer […]