The US Treasury Department is preparing to issue waivers on Iranian oil sanctions as part of a sweeping draft agreement between Washington and Tehran, a move that sent oil prices tumbling and injected a fresh wave of risk appetite into global markets, including crypto.
A senior Iranian official disclosed the draft memorandum of understanding to Reuters on June 14, outlining terms that would allow Iran to resume oil exports and access revenue that has been locked away for years.
What’s in the deal
The draft MoU covers several major provisions. The Strait of Hormuz would be immediately reopened. The US naval blockade on Iranian ports would be phased out within 30 days of the agreement’s signing.
A total of $25 billion in frozen Iranian assets would be released under the terms of the draft. In exchange, Iran has committed to halting its nuclear weapons program and freezing uranium enrichment while negotiations continue.
