Iran has begun talks with Japanese firms to sell oil, three Iranian and Western
sources said. Potential buyers are seeking longer US sanctions waivers and
guarantees on secure shipping in the Gulf. In June the US approved limited
purchases of Iranian crude to encourage a final agreement with Tehran in
exchange for commitments on nuclear inspections and freedom of navigation in the
Strait of Hormuz. The US Treasury’s current waiver covers Iranian crude,
petrochemicals and oil products through Aug. 21. After President Trump withdrew
from the 2015 nuclear deal in 2018, sanctions were tightened and buyers in South
Korea, Japan, India and Europe largely stopped purchasing Iranian oil.
