Iran is seeking to sell oil to Japan, but potential buyers are hoping for a longer sanctions waiver period.

Golden Ten Data reported on July 3 that three Iranian and Western sources said Iran has begun negotiations with Japanese companies to sell oil, but potential buyers are seeking a longer US sanctions waiver and guarantees regarding safe navigation conditions in the Gulf region. The US approved Iranian oil transactions in June this year, easing decades-long sanctions aimed at reaching a final peace agreement with Tehran in exchange for Iran's commitments on nuclear inspections and free navigation in the Strait of Hormuz. The current US Treasury sanctions waiver allows trading of Iranian crude oil, petrochemical products, and petroleum products until August 21. Since US President Trump withdrew from the Iran nuclear deal in 2018, sanctions have intensified in recent years, and customers from South Korea, Japan, India, and Europe have stopped buying Iranian oil.