Iran Resumes Oil Exports as US-Iran Peace Talks Set to Begin in Switzerland

ERBIL (Kurdistan24) — Iran resumed crude oil exports on Wednesday for the first time in two months as tankers carrying millions of barrels of oil exited a U.S. naval blockade in the Strait of Hormuz, signaling a major step toward de-escalation ahead of formal peace negotiations between Washington and Tehran.

The development comes two days before U.S. and Iranian officials are scheduled to launch negotiations on a final settlement to end months of conflict sparked by the Feb. 28 joint U.S.-Israeli strikes on Tehran.

According to TankerTrackers, a website that monitors global oil shipments through digital tracking and satellite imagery, at least two supertankers operated by the National Iranian Tanker Company (NITC) departed the blockade zone carrying a combined 3.8 million barrels of Iranian crude oil.

The vessels, identified as DIONA and HERO2, represent what the firm described as Iran's "first crude oil exports in two months." A third tanker was later reported to have also exited the area.

The reopening of the Strait of Hormuz, a critical artery for global energy supplies, helped drive oil prices lower amid expectations of increased Iranian exports and reduced risks to shipping in the Gulf.

Brent crude fell to $78.74 per barrel in Wednesday trading, while U.S. benchmark West Texas Intermediate dropped to $75.85.

The breakthrough follows an agreed framework aimed at ending hostilities between the United States and Iran. Officials say a formal signing ceremony is expected Friday at Switzerland's Burgenstock mountain resort, after which negotiators will immediately begin discussions on a comprehensive agreement.

Iranian Foreign Minister Abbas Araghchi said a new round of negotiations would likely commence following the signing ceremony.

"In the final agreement, decisions will be made on the nuclear issues and the lifting of sanctions," Araghchi said.

Officials familiar with the process indicated that the negotiations are expected to continue over a 60-day period and focus on two of the most contentious issues between the two countries: the future of Iran's nuclear program and the removal of international economic sanctions.

The Wall Street Journal reported Tuesday that the United States will allow Iran to immediately resume oil and fuel sales under the agreement. Citing unnamed sources familiar with the deal, the newspaper said sanctions waivers covering oil exports, banking services, transportation, and insurance would take effect as soon as the accord is signed.

A senior U.S. official, speaking on condition of anonymity, said the framework agreement has already been electronically endorsed by U.S. President Donald Trump, Vice President JD Vance, Iranian Deputy Foreign Minister Majid Takht-Ravanchi, and Iran's chief negotiator Mohammad Bagher Ghalibaf.

Despite growing optimism surrounding the diplomatic process, regional tensions remain high. On Wednesday, the Israeli military announced strikes in southern Lebanon after identifying what it described as a suspicious vehicle near its forces. The military also reported intercepting rockets and targeting a launcher in the area.

Iran's central military command warned Israel to expect a "harsh response," while Lebanon's state news agency reported that Israeli strikes hit two vehicles in the town of Mayfadoun and another in nearby Shukeen, killing four people.

The renewed violence underscores concerns that parallel conflicts involving Iran-backed groups could complicate efforts to secure a lasting agreement between Washington and Tehran.

Weeks of indirect diplomacy mediated by Pakistan and Qatar helped build momentum toward the current framework, but major disagreements remain unresolved. The United States and Israel continue to press for the elimination of Iran's stockpile of highly enriched uranium, while Tehran insists that uranium enrichment remains a sovereign right.

The issue has long been at the center of international disputes over Iran's nuclear ambitions and is expected to dominate the upcoming negotiations.

Speaking on the sidelines of the G7 summit in France, Trump said the agreement would soon be made public.

"It's a very powerful document, and I want it to be released. So probably pretty soon," he said.

Reactions within Iran have been mixed. The ultraconservative newspaper Vatan-e Emrooz hailed the framework as a "Trump surrender document," while Araghchi adopted a more cautious tone, citing Tehran's distrust of previous agreements.

"We have a history of broken commitments. We have a history of agreements being torn up. All of this is present in our minds," he said.

Vance, meanwhile, sought to reassure critics in Washington, stating in several media interviews that no U.S. taxpayer funds would be transferred to Iran under the agreement. Iranian media, however, reported that approximately $12 billion in frozen Iranian assets could be released as part of the broader sanctions relief package.

Vance also said international nuclear inspectors would be permitted to enter Iran under the proposed arrangement.

The diplomatic effort follows months of regional instability. The conflict expanded beyond Iran after the war's outbreak, drawing in Iran-backed groups across the Middle East. Lebanon became a major front in March when Hezbollah launched rockets toward Israel following the killing of Iran's supreme leader, triggering extensive Israeli airstrikes and a subsequent ground offensive.

Analysts warn that the Israel-Hezbollah confrontation remains the greatest threat to the emerging diplomatic thaw. Ross Harrison, a senior fellow at the Middle East Institute, described the Lebanon front as potentially "the biggest ultimate spoiler" of the negotiations.

As negotiators prepare to meet in Switzerland, markets and regional governments alike will be closely watching whether the framework agreement can evolve into a durable settlement capable of addressing both Iran's nuclear program and the broader security crises that continue to destabilize the Middle East.