Iran to begin oil sales right after signing MoU with US: Report

Iran will be able to sell oil and fuel products to international customers later this week, right after signing an MoU with the United States that seeks to permanently end US-Israeli aggression against the country, according to a new report.

The Tuesday report by Reuters quoted a senior US official as saying that Iranian oil exports could begin on Friday, following the signing of the memorandum of understanding that was agreed upon between the two sides over the weekend.

The official stated that the US has included a provision in the MoU that waives sanctions on Iranian oil exports once the country signs the agreement.

The waiver will also cover issues related to banking transactions, transportation, and insurance of oil and fuel cargoes, the official added.

Iran’s petroleum exports have faced severe restrictions since 2018, when US President Donald Trump withdrew from an international deal on Iran’s nuclear program during his first term in office and imposed sweeping sanctions on the country.

However, Iran has managed to steadily increase its oil exports over the years by circumventing US sanctions and introducing new financial arrangements with customers.

Under the MoU, the waiving of the sanctions could be seen as a major concession by the US, which announced a ceasefire in its latest bout of unprovoked aggression alongside the Israeli regime against the Islamic Republic amid decisive Iranian retaliation.

Also on Tuesday, Press TV reported, citing highly informed sources, that at least three Iranian oil tankers and two cargo ships carrying essential goods had successfully broken through the illegal naval blockade that the United States had imposed on Iranian ports and vessels as part of the aggression.

The vessels sailed through on Monday evening, marking the first operational victory of the newly finalized memorandum of understanding between Tehran and Washington.

The MoU also contributed to a temporary reopening of the Strait of Hormuz. The Islamic Republic closed the waterway to enemies and their allies in reprisal for the aggression, before subjecting the chokepoint to far stricter controls after Washington retained the blockade, despite the ceasefire.

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