The story: The announcement of an agreement to restore relations with Saudi Arabia indicates a major shift within the Iranian political establishment. Having staunchly criticized the Saudi royal family in past years, the conservative government and media in Tehran now welcome the resumption of diplomatic ties with the Kingdom, saying that it shows the Islamic Republic's willingness to ensure regional peace and security. The significant strengthening of the beleaguered Iranian rial also suggests that the rapprochement is welcomed by the business community.

This comes as Iran’s foreign minister has announced a prisoner swap agreement with the US, though Washington has categorically denied the claim.

The coverage: A trilateral statement was issued after secret talks in Beijing on Mar. 6-10 led by Ali Shamkhani, the secretary of Iran's Supreme National Security Council (SNSC), and Saudi national security advisor...