Iran Petroleum Minister: Oil Exports Continue Despite US Revocation of Sanctions Waiver

By Staff, Agencies

Iran’s Petroleum Minister Mohsen Paknejad has said the country’s oil exports are continuing without disruption despite Washington’s decision to revoke a 60-day sanctions waiver, accusing the United States of violating its commitments.

Speaking on Tuesday, Paknejad said Iran has maintained long-established mechanisms to reduce the impact of US sanctions, emphasizing that these measures remained in place even after the temporary waiver was issued.

“The Petroleum Ministry has for years established the necessary structures to neutralize the impact of the United States' unjust sanctions,” Paknejad said, adding that these arrangements were not dismantled after the waiver was granted.

The minister criticized Washington’s decision, saying, “The Americans, as usual, broke their promise and violated Article 10 of the memorandum of understanding related to the 60-day waivers.”

He stressed that the framework supporting Iran’s oil exports remains fully operational despite the US move.

“Given that the structures foreseen for the continuation of oil exports have been maintained, the country’s oil export process continues as before and, God willing, we will not face any problems in this regard,” Paknejad said.

The remarks came after the US Treasury Department revoked authorization linked to the 60-day sanctions waiver last week, ending the temporary exemption related to Iranian oil sales.

The decision followed rising tensions around the Strait of Hormuz after a series of attacks on oil tankers.

The escalation comes amid Iran’s continued restrictions on shipping through the Strait of Hormuz, a strategic waterway in the Gulf that previously accounted for a significant portion of global oil supplies before the beginning of the US-“Israeli” aggression against Iran in late February.

The United States and its allies have pressured Iran to fully reopen the waterway, but Iranian officials have repeatedly stated that any reopening would take place under Iranian arrangements and after the lifting of sanctions imposed on the country.

Oil prices rose to their highest level in a month on Tuesday as renewed US strikes on Iran entered a third consecutive day, increasing concerns over shipping disruptions through the Strait of Hormuz.

Brent crude, the global benchmark, rose as much as 3.8 percent after gaining 9.6 percent the previous day, reaching $85.92 per barrel by 0800 GMT, its highest level since June 15.

Although prices had briefly returned to pre-conflict levels following the signing of a peace memorandum between Washington and Tehran last month, Brent remained 19 percent higher than its level before the US-“Israeli” war on Iran began in late February.

The latest escalation followed US strikes that Washington said were aimed at restricting Iran’s ability to target commercial shipping in the Strait of Hormuz. In response, the Islamic Revolution Guards [IRG] said it had targeted two oil supertankers in the waterway and carried out missile and drone strikes against US military assets in Kuwait and Bahrain, among other locations.

Meanwhile, President Donald Trump announced that the United States would reinstate a blockade of Iranian ports and introduce transit fees for vessels passing through the strategic waterway.