British Foreign Minister William Hague, left, shakes hands with Iran’s Foreign Minister Mohammad Javad Zarif at the beginning of their bilateral meeting at the United Nations on September 23, 2013 in New York City.

The International Energy Agency’s December Oil Market Report considers the market reaction to last month’s interim agreement signed by Iran and the P5+1 nations. The OECD oil market watchdog says the oil market mostly took the deal in stride and numerous other factors are exerting greater pressure on oil price behavior than the six-month agreement with Iran.

“Far from easing at the prospect of rising Iranian supplies, oil prices have been firming in the last few weeks on stronger‐than‐expected OECD demand, resurgent refining activity and continued disruptions in Libyan exports. Even WTI prices, decoupled from the rest of the market and under pressure from relentlessly rising North American production, have recently risen.” – IEA