Citing sources familiar with the agreement, WSJ stated that the U.S. intends to permit the sale of Iranian crude oil and petroleum products following the signing of a memorandum of understanding (MOU) scheduled for June 19 in Geneva, Switzerland. Financial transactions, transportation, and insurance services necessary for Iranian oil trade are also expected to be included in the sanctions relief.
WSJ characterized this move as an initial incentive to encourage Iran to reduce military tensions and engage in subsequent negotiations. The U.S. and Iran electronically signed the peace MOU on June 14, with an official signing ceremony set to take place in Geneva on June 19, attended by U.S. Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Ghalibaf.
The details of the agreement have not yet been made public. However, both sides reportedly agreed to cease hostile actions and enter detailed negotiations over Iran's nuclear issues and the lifting of sanctions within the next 60 days.
The agreement is believed to outline a framework where the U.S. would ease sanctions in response to Iran taking steps to limit its nuclear program and resume navigation through the Strait of Hormuz. While the U.S. may initially lift some oil sanctions, the long-term removal of sanctions will depend on Iran's compliance with the agreement.
The non-profit organization United Against Nuclear Iran (UANI) reported that a large tanker carrying Iranian crude oil recently departed from the Port of Chabahar in Oman and passed through U.S. maritime blockade lines. The organization noted that this was the first instance of an Iranian oil transport vessel crossing the blockade since the U.S. began its maritime restrictions on Iranian vessels in April.
* This article has been translated by AI.
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