US-Iran deal allows Tehran to immediately sell oil upon signing, says US official

AI Summary

The US has agreed to allow Iran to immediately sell oil and fuel under a newly reached memorandum of understanding aimed at ending the war. The deal also includes waiving sanctions on banking, transportation, and insurance services to facilitate these sales, subject to certain conditions.

WASHINGTON, June 16 (Reuters) - The U.S. will allowIran to immediately begin selling oil and fuel under the memorandum of understanding the two sides reached to end the war, a senior U.S. official said on Tuesday. The provision for waiving sanctions on Iranian oil sales takes effect once the agreement is signed this week and also covers services including banking, transportation and insurance to facilitate the sales, the source said. The U.S. official said the agreement has conditions.