President Barack Obama announced early Tuesday morning that the U.S. has reached a historic nuclear deal with Iran.

Following 18 days of negotiations in Vienna, the U.S. and five other world powers reached the landmark agreement aimed towards limiting Iran's nuclear program for the next 10 years and its research for the next 15 years. In exchange, the world powers agreed to ease economic sanctions on Iran.

"Today after two years of negotiation the United States together with the international community has achieved something that decades of animosity has not: a comprehensive long-term deal with Iran that will prevent it from obtaining a nuclear weapon," said the president from the White House, reports CNN.

According to Obama, the deal with Tehran ensures that "every pathway to a nuclear weapon" had been cut off.

"We have stopped the spread of nuclear weapons in this region," he said in his speech, which was also televised in Iran, reports NBC News.

Iran's Foreign Minister Javad Zarif also praised the deal as a "historic moment" and a "win-win solution" that has the potential to begin a "new chapter of hope" in relations.

"We are reaching an agreement that is not perfect for anybody but it is what we could accomplish and it is an important achievement for all of us," he said Tuesday. "Today could have been the end of hope on this issue but now we are starting a new chapter of hope."

Israeli Prime Minister Benjamin Netanyahu, on the other hand, blasted the deal as a "historic mistake" that has given Iran a "sure path to nuclear weapons."

"From the initial reports we can already conclude that this agreement is a historic mistake for the world," Netanyahu said in a statement while meeting with the Dutch foreign minister, according to Politico.

"Far-reaching concessions have been made in all areas that were supposed to prevent Iran from obtaining nuclear weapons capability. In addition, Iran will receive hundreds of billions of dollars with which it can fuel its terror machine and its expansion and aggression throughout the Middle East and across the globe," he added. "One cannot prevent an agreement when the negotiators are willing to make more and more concessions to those who, even during the talks, keep chanting: 'Death to America.'"