Iran Moves Closer to Restoring Oil Exports on Nuclear Accord

Iran’s accord with world powers brings the OPEC member a step closer to restoring oil production that was cut by sanctions while leaving unresolved when it will happen.

The preliminary agreement outlined Thursday signals the Persian Gulf nation may be able to resume exports within months of a final deal, which negotiators aim to conclude by June 30, UBS Group AG and Commerzbank AG said. Iran’s shipments abroad have been curbed 50 percent by measures imposed in mid-2012.