The United States and Iran have kicked off a new 60-day negotiation period after President Trump inked a temporary deal with Tehran.

The talks will focus on Iran's nuclear program, potential relief from sanctions, and the release of some frozen Iranian assets.

This isn't a final peace agreement. Both parties have agreed to keep the talks rolling and warned that there could be significant consequences if the discussions hit the skids.

Following the announcement, Brent crude prices dipped to around $76 per barrel, while the financial markets reacted with a cool demeanor.