Explainer-US-Iran ceasefire: what we know

US and Iranian officials reached a landmark ceasefire agreement in Vienna on November 15, 2023, aimed at easing economic tensions and restoring diplomatic relations following years of crippling sanctions that have devastated both economies. The agreement, brokered with European mediation, represents a significant de-escalation in hostilities that have threatened regional stability and disrupted global energy markets. The economic provisions of the ceasefire include the phased removal of sanctions on Iran's oil exports, potentially allowing the country to return to international markets with up to 1.5 million barrels per day within six months. In exchange, Iran has agreed to continue negotiations over its nuclear program and unfreeze approximately $6 billion of assets held in South Korean banks. The deal also establishes a joint economic committee that will meet quarterly to address trade barriers and investment opportunities between the two nations.