World oil prices hit their lowest since 2003 after Iran sanctions lifted

A flame shoots out of a chimney at a petro-industrial factory in Kawasaki near Tokyo December 18, 2014. Reuters/Thomas Peter/Files

Oil prices hit their lowest since 2003 on Monday, as the market braced for additional Iranian exports after the lifting of sanctions against the country over the weekend.

The United States and European Union on Saturday revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.