Shafaq News- Washington

The United States will ease sanctions on Iranian oil and petrochemical exports, Bloomberg reported on Wednesday, as Washington and Tehran move toward signing a Memorandum of Understanding (MoU).

Citing US officials, the outlet stated that the US Treasury Department is expected to issue exemptions immediately after the formal signing on June 19. The outline of the emerging agreement has already been shared with US allied countries during the ongoing G7 summit in France. While some details have been circulated, technical teams continue working on implementation mechanisms, indicating that the final text could still change before official approval.

“Iran would only gain access to economic relief if it complies fully with its obligations,” the official noted, adding that these commitments include preventing the development of nuclear weapons, reducing its stockpile of enriched uranium, and safeguarding freedom of navigation through the Strait of Hormuz.

Last week, Pakistan’s Prime Minister Shehbaz Sharif said a US-Iran agreement had been reached, ending military operations across all fronts, including in Lebanon. US President Donald Trump later confirmed the development on Truth Social, writing that “the Deal with the Islamic Republic of Iran is now complete.”

“I hereby fully authorize the toll-free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!” he posted.