6 world powers have accepted Iran's proposals to renew negotiations on the Iranian nuclear program, ending a stalemate that has led tensions with the Islamic republic to an unprecedented high.

EU high foreign policy representative Catherine Ashton has announced the move by US, UK, France, Germany, Russia and China in a letter sent to Iran's chief nuclear negotiator Saeed Jalili.

Many see the renewal of talks as a final attempt to reach a diplomatic compromise that avoids military action by Israel or the US, writes the Financial Times.

"The main focus of negotiations will have to be on building confidence by developing concrete and practical steps," Ashton said in her letter.

At the same time, Israeli PM Benjamin Netanyahu, who is on a crucial visit to the US to discuss the matter, gave signs that Israel might wait little before striking Iran.

Speaking to a pro-Israel conference in the US, Netanyahu said he could not allow his people to "live in the shadow of annihilation," writes the BBC.

All the same, the Israeli PM has assured US President Barack Obama that Israel would not act on its own and will inform its American partners of its intentions.

On his part, Obama stated that "there is still a window that allows for a diplomatic resolution" of the matter with the Iranian nuclear program.

At the same time, he stressed that the States will continue to work for not letting Iran build its nuclear weapons.

The Iranian government's position is that its nuclear program is completely peaceful and geared towards developing nuclear energy.

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