WSJ: U.S.-Iran Deal Includes Immediate Approval for Iranian Oil Sales

Iran will be allowed to resume oil sales immediately under an agreement between the U.S. and Iran, the Wall Street Journal reported.

The newspaper reported on June 16 that an agreement signed by the U.S. and Iran includes provisions to restart Iran's oil exports and allow sales.

Under the agreement, Iran would be able to sell crude on international markets immediately after the deal is signed, the report said. The measure is a key provision aimed at normalizing Iran's economy and expanding foreign-currency inflows.

The U.S. and Iran had earlier completed the signing of a memorandum of understanding, and the U.S. government said it will release details of the agreement within the next 24 to 48 hours.

President Donald Trump has said there will be no sanctions relief until Iran "does what it has to do." That leaves it unclear whether allowing oil sales would amount to an immediate broad easing of sanctions.

Markets are also weighing whether the return of Iranian crude exports would increase global oil supply.

Neither side has yet released the full text of the final agreement.