US reportedly to temporarily waive Iran sanctions in new draft proposal

The US has reportedly agreed to propose a temporary waiver of Iran oil sanctions during negotiations, according to a report from Iran's Tasnim News agency. The waiver would be administered via a temporary OFAC exemption until a final agreement is reached between both sides. Iran is pushing for all sanctions to be removed, but the US is only willing to go this far for now.

For currency and commodity traders, the news briefly lifted risk sentiment, with S&P 500 futures erasing losses before sliding back down. The dollar lost some ground on the headlines, while oil prices initially fell on expectations of increased supply. WTI crude for July delivery touched a low near $100.85 before recovering slightly. The move highlights how sensitive oil-linked currencies and risk assets remain to any shift in Iran sanctions policy. Traders can monitor real-time pricing on NowPrice's fx page for the latest dollar and oil moves.

Looking ahead, markets will watch for official confirmation from the US and Iran, as well as any details on the scope and duration of the proposed waiver. The next round of negotiations could provide further direction for oil prices and the dollar. Any sign of a broader deal could weigh further on crude and support risk currencies, while a breakdown could reverse the move.