Major world powers and Iran reached framework agreements Thursday on Tehran's nuclear program and will move to complete a comprehensive deal by July, officials said.
Framework measures, if implemented by Iran, would eventually result in the European Union and United States easing sanctions related to Iran's nuclear program. In an "international joint venture," Iran would cut its nuclear capacity while agreeing to monitoring and modernization of its facilities.
"We have taken a decisive step. We have reached solutions on key parameters," said EU High Representative Federica Mogherini.
Officials from the U.S., U.K., France, Germany, Russia and China negotiated with Iranian officials in Lausanne, Switzerland, aiming to strike a deal that would form the basis for an accord on reining in Iran's nuclear program. Any parameters are contingent on finalizing a deal by the end of June, and sanctions will stay in place if Iran doesn't fulfill its commitments, officials said.
The talks hold ramifications for the international oil market, as sanctions on Iran have restricted oil exports. Brent crude was down nearly 4 percent on Thursday as word of the agreement spread.