The United States announced on Monday the suspension of its sanctions on Iranian oil until August 21, in accordance with the Memorandum of Understanding signed with Tehran last week.
According to a notice published on the website of the U.S. Department of the Treasury, “all transactions” that were previously prohibited in relation to the production, sale, and transportation of Iranian petroleum products are authorized until 12:01 a.m. Washington time on August 21.
The announcement added further downward pressure on oil prices, which were already declining. Global benchmark Brent crude was trading at $77.80 per barrel at around 14:00 GMT.
On June 18, the United States pledged to “put an end to all forms of unilateral and international sanctions” imposed on Iran.
Following the conclusion of talks with Washington in Switzerland, Iranian Foreign Minister Abbas Araghchi stated that Iranian oil and petrochemical exports had been exempted from sanctions.
Source: AFP
