US-Iran Deal Could Allow Tehran to Resume Oil Sales Immediately, Says US Official
WASHINGTON: Iran will be allowed to immediately resume selling oil and fuel once a proposed agreement between Washington and Tehran is signed, according to a senior US official, marking a potentially significant shift in economic relations between the two countries.
The memorandum of understanding (MoU), which is expected to be finalised in the coming days, is part of broader efforts to end months of conflict and reduce tensions in the Middle East. Under the proposed arrangement, the United States would grant sanctions waivers allowing Iran to export oil and access related services, including banking, transportation, and insurance.
US officials said the agreement would enable Tehran to generate immediate revenue from its oil exports, including access to millions of barrels of stored crude oil. However, the sanctions relief would be tied to Iran’s compliance with several conditions, including commitments related to its nuclear programme and the security of maritime routes in the Strait of Hormuz.
The draft deal is also expected to include provisions aimed at reopening the Strait of Hormuz to normal commercial traffic and facilitating further negotiations on Iran’s nuclear activities during a 60-day discussion period.
Analysts say the prospect of increased Iranian oil exports has already influenced global energy markets, with oil prices falling on expectations that additional supplies could ease concerns over disruptions in global energy flows.
Despite the optimism surrounding the agreement, officials stressed that the arrangement remains conditional and that sanctions relief could be reversed if Iran fails to meet its commitments. Discussions on broader issues, including long-term sanctions removal and Iran’s nuclear activities, are expected to continue after the initial agreement is signed.
If finalised, the agreement would represent one of the most significant diplomatic breakthroughs between the United States and Iran in recent years and could have far-reaching implications for regional stability and global energy markets.