The price of crude oil is expected to plummet further following the lift of economic sanctions of Iran due to the development of atomic weapons.
Iran has completed the necessary steps in a deal to restrict its nuclear program, meaning international economic sanctions are lifted, officials from the European Union and the U.N nuclear watchdog agency said on Saturday, according to the CNN.
"Relations between Iran and the IAEA now enter a new phase. It is an important day for the international community. I congratulate all those who helped make it a reality," said Director General Yukiyo Amano of the International Atomic Energy Agency.
Amano will travel to Iran on Sunday to meet with President Hassan Rouhani and his top nuclear official. European Union Foreign Affairs Chief Federica Mogherini said that the economic sanctions against Iran were lifted now that the country has joined the UK, United States, France, Germany, China, Russia and the EU in "the field of peaceful users" of nuclear energy.
President Barack Obama signed an executive order lifting some of the U.S. economic sanctions on Iran, the White House announced. Secretary of State John Kerry issued a statement confirming the IAEA has verified that Iran "has fully implemented its required commitments."
"Iran has undertaken significant steps that many, and I do mean many, people doubted would ever come to pass. And that should be recognized, even though the full measure of this achievement can only be realized by assuring continued full compliance in the coming years," Kerry said.
Kerry called the world a safer place because of the developments.