Iran and six major powers have reached a historic nuclear agreement, Reuters reported citing an Iranian diplomat. The news sent oil prices lower.
The deal would likely see some sanctions on Tehran lifted in return for limiting its nuclear program.
For more than two weeks, which included two deadline extensions, Iran and the major powers have been negotiating aiming to strike a deal under which Tehran would curb its nuclear program in exchange for relief from economic sanctions that have been a burden for its economy.
The foreign ministers of Iran, the EU, U.S., Russia, China, Britain, France and Germany will hold a concluding session at the United Nations headquarters in Vienna, and will then announce they have reached an agreement.
A press conference is scheduled for Tuesday morning at 9:30 a.m. London time.
If the deal is agreed, a UN Security Council resolution on it would be adopted in July and the steps to be taken by both sides - including Iranian limitations on its nuclear program and lifting sanctions on Iran - will begin in the first half of 2016.
Curbing Iran's nuclear ambitions has been an important priority for U.S. President Barack Obama, which could cause tensions between his administration and Congress, as well as with allies in the Middle East.
Some nations in the region are concerned that a lifting of economic sanctions could see Iran drive its conventional military capabilities, says CNBC.
Iran's demand for total lifting of an arms embargo - which would enable them to acquire, sell and provide weapons without any restriction - was one of the controversial issues delaying the announcement of an agreement. Russia and China, considered the major arms suppliers to Iran, support this demand.
However, the U.S. strictly opposes this due to worries that a removed embargo would legitimize Iran supplying weapons to the Assad regime in Syria and Hezbollah in Lebanon, says Israeli media resource Haaretz.
Source: Haaretz
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