The path from a statement of diplomatic intent to a fully restored, non-inflationary energy supply chain is subject to political, technical, and physical risks

Mohamed A. El-Erian points out that economic normalization still depends on four big issues that will be difficult to resolve.

IEA says the interim agreement could restore Gulf supplies, but cautions that months of disruption have impacted demand, depleted inventories and weakened refinery operations.

A capable Iran induced to re-enter global commerce and benefit under rules largely shaped by Washington may prove more valuable than an isolated adversary