Iranian Foreign Minister Abbas Araghchi announced on Monday that restrictions on the country's oil and petrochemical exports have been lifted, marking a dramatic shift in the geopolitical landscape.
Araghchi stated that the blockade has been removed and that previously frozen assets have been unfrozen, signaling what he described as major progress in negotiations with the United States.
The claim, if substantiated, represents a significant potential increase in global crude supply.
Iran has been a major producer constrained by sanctions for years; a full return to unrestricted exports would add substantial volume to the market, likely weighing on Brent and WTI prices.
Traders are assessing the credibility of the statement against the backdrop of ongoing diplomatic efforts.
This development follows reports that the United States and Iran had reached a preliminary agreement aimed at ending the ongoing conflict.