The US to Ease Oil and Shipping Sanctions on Iran

3 mins read  Team SealuminatiJune 25, 2021

On Wednesday, an Iranian official declared that the US government has complied with removing all oil and shipping sanctions from Iran. This was done to restore the nuclear agreement with its capital - Tehran.

State media of Iran quoted the chief of staff- Mahmoud Vaezi, who works under Hassan Rouhani ( outgoing President, Iran), and said "An agreement has been reached to lift all insurance, oil and shipping sanctions imposed by (former US President Donald) Trump."

Many well-known Iranian public officials who had their names on the US blacklist could also be removed. This removal is reportedly foreseen to be a considerate part of the deal.

"About 1,040 Trump-era sanctions will be lifted under the deal. It was also agreed to lift some sanctions against individuals and members of the close circle of the Supreme Leader", added Vaezi

Iran was determined in 2015 to limit its nuclear program in exchange for the removal of international sanctions. However, the deal was deserted 3 years later by the Trump government and reinforced sanctions. Tehran, conceding this, responded by overstepping its nuclear boundaries.

The newly formed US government is searching for ways to ensure deal restoration. However, both parties are unsure of which steps must be taken and when resulting in disagreement. The final approval of the nuclear deal between Tehran and Washington hasn't been reached yet, said the involved Western powers.

On Sunday, the talks were suspended after the Iranian presidential election, which was won by the US-blacklisted Ebrahim Raisi. Raisi attended his first press conference on Monday after becoming the President. He addressed his concerns over improving neighborhood relations and restoring the 2015 nuclear deal and marked them as his priorities.

Iran is preparing itself to return to the oil transportation market. According to reports, if the US agreements are signed, Iran will soon be seen exporting millions of stored oil barrels.

The oil price claims from Iran are yet to be responded to, and if things go accordingly, the benchmarks will skyrocket. According to recent reports by the Bank of America, oil supply and demand in 2022 will be hard to balance, pushing oil prices to $100/barrel.