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The publication states that Japanese oil purchasers are also optimistic that the United States will renew its permit for dealings with Iranian oil, which is effective until August 21. They are relying on the secure transit of vessels across the Persian Gulf.
In 2018, Japan entirely halted its oil purchases from Iran, shortly after the US intensified sanctions on Tehran. This happened following Donald Trump's declaration of the US leaving the nuclear agreement. South Korea, India, and EU nations have also halted imports of Iranian oil. Since then, China has emerged as the largest purchaser of the crude.
On June 18, the United States and Iran signed an agreement that anticipates the removal of the blockade on Iranian ports. Two days later, the US Treasury Department's Office of Foreign Assets Control (OFAC) granted a license permitting transactions involving Iranian oil until August 21.
source: reuters.com
In 2018, Japan entirely halted its oil purchases from Iran, shortly after the US intensified sanctions on Tehran. This happened following Donald Trump's declaration of the US leaving the nuclear agreement. South Korea, India, and EU nations have also halted imports of Iranian oil. Since then, China has emerged as the largest purchaser of the crude.
On June 18, the United States and Iran signed an agreement that anticipates the removal of the blockade on Iranian ports. Two days later, the US Treasury Department's Office of Foreign Assets Control (OFAC) granted a license permitting transactions involving Iranian oil until August 21.
source: reuters.com
