As Iran's economy reels and President Hassan Rouhani shows interest in reaching an agreement with the West on its nuclear program, it seems high time to reach an agreement with Iran. Such an agreement would eliminate one of the most troubling hot spots in the Middle East and serve as an example of how to deal with explosive situations worldwide.

Iran's main exports are oil and gas, and they account for most of the government revenues. However, as a result of the stringent sanctions imposed by the international community, oil exports have fallen by half. Iraqi oil exports overtook Iran's for the first time since the 1980s and, in September 2012, the Iranian rial fell to a record low against the U.S.

According to some estimates, Iran may be losing as much as $60 billion annually in energy investment, and over $50 billion in oil revenues. At the same time, the price of imports has risen significantly and led Iran to use barter trade to circumvent the international dollar payment system. In a report published in 2012, the World Bank stated that financial sanctions and product boycotts would exact a heavy toll in 2013.