Iran's President Hassan Rouhani (above) has pledged to abide by the commitments of a nuclear agreement that promises to end years of crippling sanctions . Iran's President Hassan Rouhani has pledged to abide by the commitments of a nuclear agreement that promises to end years of crippling sanctions. Residents danced in the streets, blared their horns and joyously waved their national flag following the breakthrough deal. The agreement between Iran and the West, struck after a 12-year stand-off, aims to prevent Tehran making a nuclear weapon in exchange for phased sanction relief. Mr Rouhani also called on world powers to fulfil their part of the deal. Speaking after the announcement he said: 'Everything we promised in the nuclear talks ... we will remain loyal to and stand by our promises. 'The world must know that we do not intend to cheat.' David Cameron and Barack Obama insisted the deal was 'strong'. The marathon talks between Iran and the US, UK, France, China, Russia and Germany in Lausanne, on the shores of Lake Geneva, had run over their deadline by more than two days with many fearing a deal was not possible. But last night, the EU's foreign policy chief Federica Mogherini announced Iran had agreed to restrictions on its enrichment of material that can be used either for energy production or in nuclear warheads. Under its terms, Iran would scale down plans to enrich uranium and make weapons-grade plutonium in return for Western powers dropping stringent economic sanctions. They will also be subjected to inspections. If they are found to be in violation of the terms, the sanctions will be put back in place. Iranians celebrated in Tehran last night after a historic deal was struck between Iran and six world powers . The deal promises to end years of crippling sanctions against Iran and locals could not contain their joy . Mohammad Javad Zarif milks the applause of the crowd after securing the agreement in Lausanne . A man holds up a £5 note out of his car to mark the lifting of stringent sanctions on Iran last night . The powers hope the deal will make it virtually impossible for Iran to make nuclear weapons under the guise of its civilian programme. Iran and the six world powers must now finalise the deal by June 30. Negotiations on a comprehensive deal will begin in days. After learning that economic and financial sanctions will be rolled back, Iranians danced in the streets, flashing victory signs and brandishing US dollar notes. In Tehran, there were jubilant scenes as locals - many hanging out of cars - celebrated by unfurling national flags and punching their fists in celebration. A new chapter of 'cooperation with the world' will begin when the final deal goes into effect after July, Mr Rouhani said. He said: 'Our enrichment and entire nuclear technology is only for the development of Iran. It will not be against regional countries or against the world. There were joyous scenes in Tehran last night as Iranians waved flags and gave the victory salute . Iranians flash the victory sign from their car while celebrating the breakthrough deal in Switzerland last night . The plans agreed in Switzerland lay the ground for a new relationship between Iran and the six world powers . Iranian Foreign Minister Mohammad Javad Zarif, arriving home, called the agreement a 'win-win outcome' Crucially for Iranians, economic and financial sanctions relating to its nuclear programmes will be rolled back . 'Some think we have no option except to fight the world or to surrender. But there is a third way, too. We have to have cooperation with the world.' Foreign Minister Mohammad Javad Zarif was mobbed by ecstatic supporters as he arrived at the Mehrabad airport in Tehran after securing the historic deal in Switzerland. He reassured Iranians that the country's nuclear programme will continue but said any negotiation requires give and take. He said: 'Our programme is exclusively peaceful, has always been and always will remain exclusively peaceful. 'Our facilities will continue. We will continue enriching, we will continue research and development.' He added a planned heavy water reactor will be 'modernised' and that the Iranians would keep their deeply buried underground facility at Fordo. 'We have taken a major step but are still some way away from where we want to be', Mr Zarif said, adding that the preliminary step was a 'win-win outcome'. Tuned in: Philip Hammond said the deal would 'provide reassurance that the programme is peaceful' This map helps demonstrate how Iran's nuclear programme is spread across the country - the agreement hopes to prevent Tehran making a nuclear weapon . A Tehran resident, Alireza, 37, told CNN: 'Things can't get worse than they are so, I'm happy with this news. 'This is pretty historic and I pray that my children will be able to live in an Iran that can play nice with the international community.' But the news was not welcomed by all, with Iran's hard-liners describing it as a disaster for Iran. Hossein Shariatmadari, an adviser to Iran's Supreme Leader Ayatollah Ali Khamenei and editor of the hard-line Kayhan daily, said Iran had exchanged its 'ready-to-race horse with a broken bridle'. On a visit to Chorley today, the Prime Minister hailed the 'strong' deal struck in Lausanne. Mr Cameron said: 'I believe this is a great deal and a strong deal. We are all concerned about Iran getting nuclear weapons but what this deal does is block all the pathways to a nuclear weapon, and then have proper inspection and verification. 'Crucially the sanctions that have done so much to bring Iran back to the table, they don't come off unless Iran implements its side.' Foreign Secretary Philip Hammond said the deal would 'provide reassurance that the programme is peaceful'. Chinese Ambassador to the UN Wu Hailong, French Foreign Minister Laurent Fabius, German Foreign Minister Frank Walter Steinmeier, EU High Representative for Foreign Affairs and Security Policy Federica Mogherini, Iranian Foreign Minister Javad Zarifat, an unidentified Russian official, British Foreign Secretary Philip Hammond and US Secretary of State John Kerry, who secured the preliminary agreement in Lausanne . From left Foreign Secretary Philip Hammond speaks to US Secretary of State John Kerry as European Union High Representative for Foreign Affairs and Security Policy Federica Mogherini and Iranian Foreign Minister Javad Zarifat take their positions before making a statement on the Iranian deal . 'This is well beyond what many of us thought possible even 18 months ago and a good basis for what I believe could be a very good deal,' he said last night. 'But there is still more work to do. The fine detail of any deal will be very important, in particular specifics of oversight measures and mechanisms for handling UN Security Council resolutions. 'Diplomats and technical experts from all sides will work intensively over the coming weeks to finalise the detail by the end of June. Sanctions will remain in place until the comprehensive deal is agreed and implemented.' He added: 'Talks were extremely tough. We always said we would never agree a bad deal. This outcome is testament to the persistence and willingness of all sides to be flexible in finding solutions to seemingly intractable problems. 'It demonstrates what can be achieved when international partners work together in pursuit of a common goal.' Speaking at the White House Rose Garden, Mr Obama said that 'if Iran cheats, the world will know it' Mr Obama staked the reputation of his administration on reaching what many believed was an unlikely deal . Mr Obama urged a more cautious note following the breakthrough. Speaking in the White House Rose Garden yesterday, he said: 'If we can get this done, and Iran follows through on the framework that our negotiators agreed to, we will be able to resolve one of the greatest threats to our security, and to do so peacefully. But, he added: 'If Iran cheats, the world will know it.' And 'If there is backsliding' and Iran doesn't meet certain specifications 'there will be no deal.' US Secretary of State John Kerry admitted there was still progress to be made when the deal was signed. He said: 'We have no illusions about the fact that we have a ways to travel. We still have many technical details that have to be addressed.' Following the deal, Israeli leaders immediately raised concerns, vowing to fight any agreement before it is finalized in the coming months. Benjamin Netanyahu slammed the Iran nuclear deal, claiming it threatens the Jewish state and puts his people in mortal danger . One of Netanyahu's scathing comments was shared on his Twitter page during his speech . Prime Minister Benjamin Netanyahu has been a leading critic of the nuclear talks, stressing he believes it will leave too much of Iran's nuclear infrastructure intact. After speaking to the US President on the phone, he said in a televised statement just hours after the agreement was signed: 'A deal based on this framework would threaten the survival of Israel.' He added: 'Such a deal would not block Iran's path to the bomb. It would pave it.' It prompted Netanyahu to urge more pressure to be placed on Iran by Western powers until a better deal is reached. Israel's Intelligence Minister Yuval Steinitz, who oversees the monitoring of the nuclear programme, claimed the deal was 'disconnected from the sad reality' of the region. He added: 'Since the declaration is far from being a real agreement, we will continue in our efforts to explain and persuade the world in the hope of preventing a bad agreement, or at least to insert corrections and improvements.' The preliminary agreement announced in Switzerland on Thursday is spelled out in a four-page document (below) released by the White House and the State Department. Here's some of what Iran is agreeing to do: . In return, the West will: . Obama insisted that: 'If Iran cheats, the world will know it'. He added if Tehran didn't meet certain conditions there would be no deal .
Hassan Rouhani also urged world powers to fulfil their part of agreement .
Iranians celebrated breakthrough deal that promises to end sanctions .
David Cameron said: 'I believe this is a great deal and a strong deal'
Aims to stop Iran making a nuclear weapon in return for sanction relief .