Iranian media: US proposes to temporarily suspend sanctions on Iranian oil

Iranian media reported that the United States has proposed a temporary exemption from sanctions on Iranian oil. This is a key demand of Iran in its agreement to reach a peace deal and reopen the Strait of Hormuz.

The Iranian Tasnim News Agency reported on Monday (May 18th) that a source said the US has proposed a temporary exemption from sanctions on Iranian oil until a final agreement is reached. However, the US has not confirmed the proposal yet.

Bloomberg reported that after the above news was released, Brent crude oil gave back its earlier gains, trading at around $109 per barrel (approximately S$139); bonds rose as the market anticipated a breakthrough in the US-Iran negotiations.

Earlier, US President Trump expressed dissatisfaction with Iran and urged it to hurry up and reach an agreement. He urged Iran to "act quickly, or else it will lose everything". Iranian Foreign Ministry Spokesperson Bagae responded by saying that Tehran knows how to handle the situation.

Another report from Bloomberg stated that the number of oil tankers near the key Iranian oil export hub, Kharg Island, has sharply increased. Satellite images taken on Saturday (16th) showed that approximately 23 oil tankers were gathered at Kharg Island.

This is the largest fleet gathered at Halke Island since the US Navy began blocking Iranian ports, intercepting and seizing ships in April. On April 13, before the US launched its blockade and interception operations, there were only four oil tankers near Halke Island.