Bürgenstock (Lord Media): The United States and Iran have reached a historic agreement, under which the US will not impose sanctions on Iranian oil trade and banking services. The signing ceremony took place in the Swiss tourist destination of Bürgenstock, hosted by Pakistan.
According to Bloomberg, both nations have agreed to maintain the current situation until a final agreement is reached. During this period, Iran will continue its nuclear program while the US will refrain from imposing new sanctions.
A target has been set to reach a final agreement within 60 days, which will include discussions on nuclear materials. Tehran has assured that it will not develop nuclear weapons, while the US has promised to lift sanctions according to the agreed timeline.
The agreement will be ratified through a mandatory United Nations Security Council resolution. With this development, the supply of Iranian crude oil has resumed, and Iranian oil tankers have set sail in international waters.
Following the Iran-US agreement, significant developments have been observed in global energy markets, with crude oil prices in the international market decreasing by 5 percent.
