Iranian President Sheikh Hasan Rouhani said on Tuesday that negotiations with world powers over the Islamic Republic nuclear program are the only way to solution to Iran’s decade-long nuclear standoff.

Iranian President Sheikh Hasan Rouhani said on Tuesday that negotiations with world powers over the Islamic Republic nuclear program are the only way to solution to Iran's decade-long nuclear standoff.

"Negotiations are the only way that is before us and we are hopeful of success in these negotiations," Rouhani was quoted as saying by the official IRNA news agency.

Rouhani's remarks were his first on the four-month extension until November of talks with world powers agreed in Vienna last week after the two sides said progress made so far was still short of a final breakthrough.

On Sunday, influential Iranian MP Aladin Borujerdi also welcomed the four-month extension, saying it showed all sides "have the will to reach a comprehensive agreement."

On Monday, the UN atomic agency said Iran had eliminated all of its most sensitive nuclear material in line with an interim deal struck with the West last November and implemented in January.

As of July 20, Tehran had cut half its stock of 20-percent enriched uranium down to five-percent purity, while the rest was converted into uranium oxide, the International Atomic Energy Agency said.

Iran had also refrained from enriching above the five-percent level at any of its nuclear facilities, the IAEA report said, a finding that could lower international fears that Tehran still sought to build a bomb.