REPORT: Iran And The U.S. Have Reached A Bilateral 6-Month Agreement On Iran's Nuclear Program

Dow Jones is reporting that Iran and the U.S. have reached a six-month agreement on the country's nuclear program. This is separate from yet related to the comprehensive treaty that Iran is negotiating with the so-called P5+1, the five permanent members of the UN Security Council and Germany.

This deal likely eases oil sanctions against Iran for a period of six months in order to facilitate another round of nuclear talks. Under the Joint Plan of Action signed in Geneva in November of 2013, Iran and the P5+1 have until July 20th to reach a final agreement on the status of Iran's nuclear program. Today's deal extends the window for an agreement in a time when diplomats from both sides have been pessimistic about the current state of negotiations.

Iran's crude oil export numbers have been increasing even beyond the amounts allowed under international sanctions since the Geneva agreement took hold.