Sanctions lifted after Iran found in compliance of nuclear deal

International sanctions on Iran have been lifted after The International Atomic Energy Agency (IAEA) announced on Saturday that the country has complied with the nuclear deal reached with world powers.

“Iran has completed necessary preparatory steps to start the implementation of the Joint Comprehensive Plan of Action,” said Yukiya Amano, IAEA director general.

“This paves the way for the IAEA to begin verifying and monitoring Iran’s nuclear-related commitments under the agreement,” he added.

Iran will now be allowed to recover some of its assets frozen overseas as it prepares to end its decade-long isolation from the international community. It will also look to increase its oil production capacity, which had been stunted by international sanctions in the past decade.

“As a result of Iran verifiably meeting its nuclear commitments, the United States is today lifting nuclear-related sanctions on Iran, as described in the Joint Comprehensive Plan of Action (JCPOA),” The United States Department of the Treasury said in a statement.

On Friday, oil prices plunged to new lows in anticipation of Iran’s production, which will be introduced to an already oversupplied market. Brent Crude, the benchmark for Middle East exporters, dropped to $28.94 per barrel (bbl), while WTI Crude Oil was down 5.71 percent to $29.42 percent on Nymex.