Iran has reached an agreement with the P5+1 Group of world powers in Geneva to limit Tehran’s controversial nuclear programme, representatives from the talks announced.

The deal was welcomed by US President Barack Obama in a live televised address, who said it included “substantial limitations that will help prevent Iran from building a nuclear weapon”.

Iran’s Foreign Minister Mohammad Javad Zarif insisted that the Islamic Republic retains the right to enrich uranium for nuclear power but said the deal “removes of any doubts about the exclusively peaceful nature of [its] nuclear programme”.

As part of the deal, Iran has agreed to halt all uranium enrichment above 5 per cent purity, while the P5+1 Group – the US, the UK, France, China, Russia and Germany – have agreed not to impose any new nuclear-related sanctions for the next six months.

The P5+1 countries have also committed to suspend certain sanctions on gold and precious metals, the automotive industry, and petrochemicals exports. Purchases of Iranian oil would remain at current levels.

The negotiations started in Geneva on 20 November, after initial talks earlier in the month ended without a deal being agreed.