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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]

India has swung to buying Russian crude oil and coal to bolster its energy supplies after flows were disrupted and prices rose during the Iran conflict. The world's third-largest oil importer is expected to see arrivals of Russian crude surge to a record high of 2.55 million barrels per day (bpd) in June, according to data compiled by commodity analysts Kpler. June's imports from Russia would be up from the 2.13 million bpd in May, which was the third-highest on record and just behind the [Read more]

Iran's top negotiator Mohammad Baqer Qalibaf said that Tehran has agreed to have a communication line regarding ship passage in the strait of Hormuz to avoid conflict and incidents in the strategic waterway. In comments given to state TV on his way back from talks with U.S. in Switzerland on Sunday, the Iranian negotiator added that the signing for the release of $12 billion in frozen Iranian assets has been finalised in the talks. (Reporting by Elwely Elwelly, Menna Alaa El Din and [Read more]

The Trump administration on Monday proposed looser rules for oil and gas drilling operations on federal lands, including a dramatic cut to clean-up costs for abandoned wells. The moves are aligned with President Donald Trump's goal to reduce regulations for businesses and make it easier to invest in production of domestic fossil fuels. "These targeted updates cut through the red tape that has historically deterred investment, ensuring our public lands remain a reliable engine for economic [Read more]

Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell to 331.2 million barrels last week, the lowest level since June 1983, according to data from the Department of Energy, as supplies continued to tighten in the fallout of the U.S.-Iran war. Inventories in the government's emergency stash fell by 9.05 million barrels, the third steepest draw on record. The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility to help push down fuel [Read more]