Spain's Prime Minister Mariano Rajoy said Wednesday he will submit the eurozone deal on Greece's debts to parliament to ensure support for his country's multi-billion-euro contribution.

"Although this procedure is not obligatory in our country, it is my intention to bring the deal before parliament to be debated, because it is a big sum that Spanish taxpayers are being asked to guarantee," Rajoy told the lower house.

Greece on Wednesday geared up for a parliamentary vote on draconian reforms demanded by eurozone creditors in exchange for a huge new bailout, just hours after a bombshell report from the International Monetary Fund criticized the deal.

The outcome of the crucial vote was far from clear after the IMF issued a stark warning that Greece would need far more debt relief to stop it crashing out of the common currency than European governments have so far been willing to contemplate.

Oil prices rose in Asia Wednesday on easing concerns about the impact of the expected flood of Iranian supplies on the global market following the country's historic nuclear deal.

U.S. benchmark West Texas Intermediate for August delivery rose nine cents to $53.13 and Brent crude for August climbed 12 cents to $58.63 a barrel in afternoon trade.

India's defense ministry has cleared the purchase of military equipment worth $4.74 billion, including four long-range patrol aircraft from U.S. aerospace giant Boeing, an official said Wednesday.

The Defense Acquisition Council, which approves big-ticket purchases, also approved an order for 428 air defense artillery guns during a meeting late Tuesday, the official said.

Germany's Vice Chancellor and Economy Minister Sigmar Gabriel plans to visit Iran soon, his ministry said Tuesday, hours after world powers and Tehran reached a historic nuclear deal.

"There is great interest on the part of German industry in normalizing and strengthening economic relations with Iran, all the more so after today's agreement in the nuclear talks," his ministry told AFP in a statement.

Oil prices fell Tuesday as Iran's deal with world powers on curbing the Islamic republic's suspected ambitions for a nuclear bomb is set to see crude added to an already oversupplied market.

Analysts said the landmark agreement that will see sanctions lifted on Iran's oil exports, would put a lid on any rise in crude futures this year and in the future.

Greek Prime Minister Alexis Tsipras on Tuesday battled to hold his ruling Syriza party together as opposition mounted to a shocking new bailout deal that requires Athens to push through draconian reforms within two days.

With around 30 hardline Syriza lawmakers threatening to oppose the latest tough reforms demanded by Greece's international creditors, Tsipras faced the unenviable task of turning to pro-austerity opposition parties to push the deal through parliament by Wednesday.

Iranian trade will be boosted by a lifting of nuclear-related sanctions but the country needs billions of dollars of investment, and meaningful economic gains are likely to take many months.

The deal between Iran and world powers announced in Vienna Tuesday paves the way to an opening for international companies who have long seen the Islamic republic as an untapped market.

Britain's annual inflation rate turned flat in June from the previous month on the back of falling clothing and food prices, official data showed Tuesday. 

"The Consumer Prices Index (CPI) was unchanged in the year to June 2015, that is, a 12-month ratuse of 0.0 percent, down from 0.1 percent in the year to May," the Office for National Statistics (ONS) said in a statement.

Investor sentiment in Germany fell to its lowest level in eight months in July, but the outlook for Europe's biggest economy remains positive, a leading survey found on Tuesday.

The widely watched investor confidence index calculated by the ZEW economic institute slipped by just 1.8 points to 29.7 points in July, its lowest level since November 2014, ZEW said in a statement.