Oil tanker operators are reaping record profits after nearly doubling the hire cost of vessels going through the Strait of Hormuz and wider Gulf region this week on rising demand as traffic through the waterway slowly picks up, according to shipping data and sources. Traffic through the vital strait has been modest since Iran lifted its effective blockade last week after agreeing to a 60-day ceasefire with the U.S., as talks on a permanent deal to end their war continue. The number of ships [Read more]

The U.S. has started waiving some sanctions on Iran under their interim deal to end the war, but fully unravelling a tangled web of restrictions on the country's activities and trade under any more comprehensive agreement will be much harder. This is why any effort to lift sanctions on Iran could take years and why foreign investment might take a long time to return: WILL SANCTIONS ON IRAN BE LIFTED? Sanctions, trade embargoes and asset freezes have been imposed by the U.S., the United [Read more]

U.S. President Donald Trump insisted on Tuesday that Iran has agreed to allow nuclear inspections long into the future, despite statements from Iran that it has not done so. "Iran has fully and completely agreed to highest level Nuclear inspections long into the future (Infinity!!!)," he wrote in a social media post. "This will insure 'Nuclear Honesty.' If they did not agree to this, there would be no further negotiations!" Iran has denied it had begun discussions on its nuclear program or [Read more]

Oman and Iran will form a team to reach an agreement on "administration of navigation in the Strait of Hormuz" and associated costs and services, the two countries said in a joint statement on Tuesday. The two states will hold talks with coastal countries and other concerned parties, the statement said. (Reporting by Jana Choukeir; Editing by Aidan Lewis) [Read more]

Iraq has further increased output from its southern oilfields to around 2.1 million barrels per day as more tankers line up to load crude from the country's export terminals in the Gulf, two Iraqi oil officials told Reuters on Tuesday. The officials said the latest increase was driven mainly by higher production from the giant Rumaila oilfield, where output has reached around 1.1 million bpd. Output from the Zubair oilfield has been increased by around 120,000 barrels per day to about [Read more]

A temporary U.S. sanctions waiver on Iranian oil sales is unlikely to draw orders from well-stocked Asian refiners, leaving independent Chinese refineries as the main buyer, trade sources and analysts said. The U.S. authorised on Monday the sale of crude, petroleum products and petrochemicals of Iranian origin through August 21, easing decades-old sanctions as it pushes toward a final peace deal with Tehran. Hit by supply disruptions due to the blockade of the Strait of Hormuz since March, [Read more]

Tehran stands to gain billions of dollars from a 60-day reprieve from U.S. sanctions announced on Monday, but unwinding more than four decades of restrictions poses legal, political and commercial challenges that could take years. At issue is whether an interim U.S. deal with Iran can translate into lasting economic relief, given the complexity of dismantling a sanctions regime that spans U.S. law, international measures and private-sector risk concerns. The United Nations, the U.S. and [Read more]

* High-level talks ended early on Monday * 'We laid a very good foundation for a successful final deal,' Vance says * Different interpretations of nuclear aspects, release of Iranian funds * Oil prices resume drop after progress on talks reported By Humeyra Pamuk, Dave Graham and Nandita Bose BUERGENSTOCK, Switzerland/WASHINGTON, June 23 (Reuters) - T he United States waived sanctions on Iran for 60 days from Monday after the first talks under a nascent peace deal, with U.S. [Read more]

Oil prices inched down on Tuesday, extending losses from the previous session, as investors looked for clearer signs of progress in restoring crude flows through the Strait of Hormuz following U.S.-Iran peace talks. Brent crude futures fell 20 cents, or 0.3%, to $77.70 a barrel and U.S. West Texas Intermediate declined to $73.74 a barrel, down 12 cents, or 0.2%, as of 0323 GMT. Prices fell more than 3% on Monday after the United States granted Iran a 60-day sanctions waiver following [Read more]