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

WASHINGTON — The U.S. will allow Iran 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. “This is a performance-based agreement," the person said on condition of anonymity. "Iran can only access any benefits of the MOU if they abide by all of the points they agreed to – including no nuclear weapon, neutralizing its enriched material, and not interfering with the free flow of navigation in the Strait of Hormuz.” The administration of President Donald Trump re-imposed sanctions on the OPEC member in 2018 over Tehran's nuclear program and support of militant groups across the Middle East.

Iran has always said its nuclear program is for civilian purposes.

Brett Erickson, a sanctions expert and managing princ