International sanctions against Iran lifted

The nuclear dispute has fueled an escalation between Iran and the West for years. The Islamic Republic was suspected of developing nuclear weapons under the guise of a civilian nuclear program. The Tehran leadership has always denied this.

In mid-July, it was finally agreed that Iran would limit its nuclear program, and the US, EU and UN, in turn, should lift sanctions against the former fifth largest oil producer in the world. The Iranian leadership was also under pressure from the Iranians, who suffered from the sanctions against their country.

The agreement is one of the biggest foreign policy successes of US President Barack Obama. American neoconservatives are angry and hope for the next US president to destroy the deal. Just hours before the announcement of the lifting of the sanctions, US and Iranian prisoners were exchanged. The Iranian leadership is jubilant.

In the Middle East, the balance of power is likely to shift, and Iran will be strengthened as the main rival of the world's largest oil exporter Saudi Arabia, a US ally. Currently, companies in the world see Iran as a good opportunity for multi-billion dollar business. The deferred demand in Iran will be made up for in the development of automotive technology, water and waste management, healthcare, building materials and renewable energy sources. The first mega deal, announced by Iran on Saturday, was with the European manufacturer Airbus for more than € 10 billion.

With the lifting of sanctions, Iranian oil is likely to rush into the global market, negatively affecting the outlook for commodity prices. Thus, the price of WTI oil was already below $ 30 per barrel (159 liters) - the lowest level in the last twelve years. One of the reasons for the decline in prices is global overproduction. Iran confirmed on Saturday that it intends to increase oil production in the near future to 500,000 barrels per day