（Singapore, 23.06.2026）Iran is moving quickly to reconnect with major Asian oil importers after the United States temporarily eased sanctions, giving Tehran a narrow opportunity to restart exports and revive an industry that has been under heavy pressure for years.
The 60-day waiver, which took effect on Monday, allows Iran to sell oil and related petroleum products while negotiations continue over a broader peace agreement between Washington and Tehran. The move is intended to provide immediate economic relief while both sides work toward a more permanent deal.
The announcement has triggered a wave of activity across the energy market, with Iranian officials and traders approaching refiners in countries including India, Japan and South Korea in an effort to secure new customers beyond China.
Iran Pushes to Expand Oil Sales
For years, sanctions forced Iran to rely heavily on China as its main crude oil buyer. Now, with temporary permission to resume international sales, Tehran is attempting to diversify its customer base and clear a large volume of oil already waiting at sea.
According to shipping data, around 68 million barrels of crude oil and condensate were floating in tankers as of June 22, with more than 80% lacking confirmed destinations.
Industry traders said discussions with Asian refiners began even before the US waiver was officially announced and have intensified since it took effect. Some talks have also explored longer-term supply agreements as Iran seeks to increase production if sanctions relief becomes more permanent.
Despite Tehran’s efforts, many Asian refiners are taking a cautious approach. Months of disruption around the Strait of Hormuz prompted importers to secure alternative supplies, leaving many with comfortable inventories through the coming months.
Analysts say uncertainty over US policy is another major concern. Most refiners outside China have already locked in additional crude shipments, while European Union and UK sanctions continue to complicate financing, insurance and shipping.
Japan’s Taiyo Oil has already said it is not considering purchases of Iranian crude for now, while Indian refiners have reportedly secured deliveries through August, reducing the urgency to buy.
Peace Talks Face Remaining Hurdles
The sanctions waiver follows the first round of talks in Switzerland under a newly established peace framework between the United States and Iran.
US Vice President JD Vance described the discussions as “a very good foundation” for a final agreement and said negotiators had agreed on a roadmap toward a permanent deal within 60 days. The talks also produced mechanisms to keep commercial shipping moving through the Strait of Hormuz and reduce fighting involving Iran-backed Hezbollah in Lebanon.
However, significant differences remain over Iran’s nuclear programme.
Vance said Iran had agreed to allow international nuclear inspectors back into the country, a claim later repeated by President Donald Trump. Iranian officials quickly denied the assertion, insisting no such discussions had taken place and that there were no immediate plans for inspectors to visit damaged nuclear facilities.
Iranian representatives said working groups would first focus on sanctions relief and implementation of the interim agreement before any negotiations on nuclear issues begin.
Oversupply May Limit Iran’s Opportunity
Even with temporary sanctions relief, Iran faces another challenge: a well-supplied oil market.
Benchmark Middle Eastern crude grades are already trading in a contango structure, where prompt deliveries are cheaper than future contracts, typically indicating short-term oversupply. That leaves refiners with little incentive to take on the political and financial risks associated with Iranian crude unless attractive discounts are offered.
Warren Patterson, head of commodities strategy at ING, said the waiver gives Iran more opportunities to sell oil outside China and could narrow the discounts attached to its exports. However, he noted that any meaningful increase in Iranian production would require longer-lasting sanctions relief rather than a temporary 60-day licence.
The waiver has also drawn criticism from some Republican lawmakers who argue it provides Tehran with financial relief without sufficiently limiting its military capabilities.
Trump defended the move, saying Iran should use its revenue to support its people rather than rebuild its armed forces, while the White House argued that additional Iranian oil supplies could help lower global energy prices after months of conflict.
Markets have welcomed signs of diplomatic progress, with crude prices falling this week on expectations that more Iranian supply could enter the market. Still, whether Tehran can regain a meaningful share of Asia’s oil market will depend not only on pricing, but also on whether the fragile negotiations can produce a more lasting easing of sanctions.
