Asia treads cautiously on Iranian oil exports despite US sanctions waiver

AI Summary

Asian countries are cautious about purchasing Iranian oil following a 60-day US sanctions waiver amid concerns over financial risk and potential renewed conflict between Washington and Tehran. Markets are watching for diplomatic progress between the US and Iran while monitoring the ceasefire sustainability.

Asian economies are expected to exercise caution in buying oil from Iran following a 60-day sanctions waiver for the Gulf country’s oil exports that took effect from Sunday, as they weigh compliance, financial risk and a potential return of hostilities between Washington and Tehran. Global markets have been looking for signs of progress that the United States and Iran could reach a lasting peace agreement despite concerns over the sustainability of a 60-day ceasefire that began earlier this...