The price of oil fell once again in trading on Monday morning as markets anticipated that the lifting of nuclear related sanctions on Iran would lead to further oversupply of the commodity.
Brent crude, the international benchmark, fell below $28 a barrel for a time having closed a $28.94 a barrel on Friday.
The International Atomic Energy Agency says that Iran has 'completed the necessary preparatory steps' to begin implementing the Joint Comprehensive Plan of Action.
The organisation said that relations between it and Iran had now entered a 'new phase'.
The IAEA declaration paves the way for nuclear related sanctions imposed against Iran by the EU, U.S and UN to begin being lifted as agreed under the landmark nuclear deal agreed last year.
All nuclear related sanctions will not be completely removed for eight years or when the IAEA reaches the 'broader conclusion' that all nuclear material in Iran remains in peaceful activities.
The IAEA said it had installed a first of its kind uranium enrichment monitor at the Natanz Fuel Enrichment Plant to monitor whether Iran was keeping to it promise to only enrich uranium up to 3.67%.
The system allows for real time monitoring rather than the weeks long process having samples brought to laboratories in Austria.
IAEA Director General Yukiya Amano's Statement on Iran
Our Director General says the IAEA now confirms #Iran has taken all steps to start the implementation of the Joint Comprehensive Plan of Action (#JCPOA). #ImplementationDayPosted by International Atomic Energy Agency (IAEA) on Saturday, January 16, 2016
Iran's Revolutionary Guards have released 10 U.S sailors that were detained on Tuesday, along with their two naval crafts. +
The sailors went missing as they made their way from Kuwait to Bahrain.
Speaking on CBS News, Vice President Joe Biden said that the United States did not apologise to Iran for the incident nor did Iran ask for an apology.
Mr. Biden said Iran realised the sailors were in 'distress' and had delivered on their word to release them - it was, he claimed, 'standard nautical practice'.
In a statement, Secretary of State John Kerry expressed his 'gratitude' to Iran and said the issue was resolved 'peacefully and efficiently'. *