Iran, world powers near deal over nuclear program, sanctions

|By:, SA News Editor

Iran and the P5+1 world powers are close to an agreement in which the Persian nation would halt the most advanced elements of its nuclear program, including the production of weapons-grade fuel, in return for a limited easing of the sanctions that have badly hurt its economy.

The deal, which could be announced today, won't at this stage include a lowering of banking and oil sanctions, although the international negotiators could allow Iran to access $50B in crude export revenue that has been frozen in European and Asian banks.

Israel is opposed to the agreement, as are some U.S. legislators, with a Senate committee continuing to prepare a set of tough new sanctions despite the progress of talks.

WTI is flat at $94.24 a barrel, while Brent is also little changed at $103.46.

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