The Wall Street Journal and Reuters reported on Tuesday, citing informed sources, that the memorandum of understanding between Iran and the United States paves the way for the immediate resumption of sales of Iranian oil and other petroleum products. Israel’s Channel 12 also reported, citing a senior U.S. official, that the memorandum of understanding scheduled to be signed in person on Friday will include a complete cessation of hostilities between Iran, the United States, and their respective allies, including in Lebanon.
The Wall Street Journal wrote that the provisions regarding the lifting of restrictions on Iranian oil sales will take effect after the formal signing of the agreement this week and will also encompass the services required to conduct these transactions, including banking, shipping, and insurance.
The Wall Street Journal added that under this memorandum of understanding, barriers arising from U.S. sanctions on Iranian oil exports and related support services will be removed to facilitate oil transactions.
Speaking to Reuters, a U.S. official described the agreement as “performance-based,” stating that Iran will only reap its benefits if it adheres to all of its commitments. According to the official, these commitments include possessing no nuclear weapons, neutralizing stockpiles of enriched material, and refraining from disrupting freedom of navigation in the Strait of Hormuz.
