Iran Seeks Oil Buyers in Asia After U.S. Sanctions Waiver

Iran is contacting refiners in India, Japan, South Korea, and other locations after a 60-day U.S. sanctions waiver took effect on June 23, 2026. The temporary measure permits Tehran to resume oil exports and address a backlog of cargoes currently at sea.

, reached out to buyers before the waiver was formally granted, according to traders involved in the discussions. The urgency of the outreach has increased since the license was issued.

Data from Vortexa and Bloomberg calculations show approximately 68 million barrels of crude and condensate were on the water as of June 22. At least 80 percent of this volume lacks a confirmed destination and could be offered to new buyers. Traders said conversations have included longer-term supply arrangements as Iran seeks to increase output.

Buyers have cited concerns over possible changes in U.S. policy, along with existing EU and U.K. restrictions that affect financing and insurance. Some ports also decline to accept tankers associated with the so-called dark fleet that has carried Iranian oil.

Sumit Ritolia, lead analyst at Kpler, said Asian refiners outside China have already arranged increasing volumes of crude and are unlikely to commit to Iranian supplies while sanctions policy remains uncertain. Indian refiners have secured arrivals through August, though their proximity allows quick acceptance of prompt cargoes within the waiver period.

Ritolia added that potential cooperation in LPG, petrochemicals, fertilizers, and broader energy areas faces similar limits due to ongoing policy uncertainty.