Iran to receive immediate oil sanctions waivers under US-Iran deal, WSJ reports

Iran will be allowed to immediately sell oil and fuel under the US-Iran deal, with sanctions waivers taking effect upon the signing of an agreement, according to a report published Tuesday. The Wall Street Journal, citing people familiar with the matter, reported that the provision for waivers also covers necessary services, including banking, transportation and insurance needed to facilitate the transactions.

MOU signed

The report comes one day after senior US officials said Washington and Tehran signed a Memorandum of Understanding (MOU) to end the four-month war and establish a framework linking economic measures, nuclear verification and regional security commitments. According to US officials, the MOU was signed electronically on Sunday and includes an extended pause in fighting, reopening the Strait of Hormuz, and setting the stage for talks on Iran's nuclear program linked to sanctions relief.

Tanker movement

The nonprofit group United Against Nuclear Iran reportedly said that an Iranian supertanker carrying crude oil had left the port of Chabahar, crossed the US blockade, and was sailing Tuesday out of the Gulf of Oman with its location tracker active. Asked about the report, a senior US official told Anadolu that the deal is a "performance-based agreement."

US conditions

"Iran can only access any benefits of the MOU if they abide by all of the points they agreed to — including no nuclear weapon, neutralizing its enriched material, and not interfering with the free flow of navigation in the Strait of Hormuz," the official added.