What have you always wondered about the economy? Tell Us

Agreement struck between Iran and major world powers

Adriene Hill Jul 14, 2015
HTML EMBED:
COPY

Agreement struck between Iran and major world powers

Adriene Hill Jul 14, 2015
HTML EMBED:
COPY

After years of negotiations, Iran and six major world powers — the US, UK, France, China, Russia and Germany — have reached a deal over the country’s nuclear program.

The agreement aims to curb Iran’s production of nuclear weapons — In return, the US, United Nations and European Union will lift sanctions. The deal still has to make it through Congress, but if it goes ahead, Iran will start ramping up its oil exports.

Click the media player above to hear Barbara Shook, senior reporter-at-large with the Energy Intelligence Group, talk about how the global oil market could be affected.


From our partners at the BBC:

President Barack Obama said that with the deal, “every pathway to a nuclear weapon is cut off” for Iran.

His Iranian counterpart, Hassan Rouhani, said it opened a “new chapter” in Iran’s relations with the world.

In a televised address, Mr. Obama said the deal would make the world “safer and more secure”, and provided for a rigorous verification regime. “This deal is not built on trust – it is built on verification,” he said.

He said the deal would lead to the removal of all sanctions, adding: “The sanctions regime was never successful, but at the same time it had affected people’s lives.”

After 12 years, world powers had finally “recognised the nuclear activities of Iran”, he said.

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.