Japan's trade minister, Hiroshige Seko, said on Tuesday that Japanese buyers of Iranian oil were expected to resume imports from the Islamic Republic after the country received a waiver from USA sanctions.
The U.S. government has also taken a more flexible approach to sanctions, backing away from earlier threats to cut Iranian exports to zero and granting waivers to many of Iran's customers in exchange for phased reductions.
Brian Hook, the special US representative for Iran, said that as major insurers withdraw coverage from Iranian vessels, Iran will likely turn to domestic insurance companies that will not be able to cover losses for maritime accidents that could run into the billions of dollars.
The exemption for Chabahar comes as good news for India and Afghanistan, but undercuts the Trump administration's portrayal of the sanctions as the "toughest ever".
Crude oil futures for December ended down $0.54, or 0.9%, at $61.67 a barrel, the lowest settlement price in almost eight months. "I don't want to lift oil prices", Mr Trump told reporters on Nov 5 before flying to a campaign event.
The sanctions waivers have further eased concerns the oil market will swing into a deficit of crude supplies.
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Citing officials and analysts, the news agency said while the United States sanctions will probably trigger recession in Iran next year, they will not lead to an economic meltdown.
This group of eight buyers imported over 80 percent of Iran's roughly 2.6 million barrels per day (bpd) of oil exports a year ago, Refinitiv Eikon data shows.
Fund managers still favour bullish long positions over bearish short ones by a ratio of nearly 5:1, but the ratio has sunk from more than 12:1 only five weeks ago.
According to Refinitiv Eikon data, Iranian crude exports have fallen to 1 million bpd so far in November.
For the Iranians, the 180-day waivers provides them with a financial lifeline and time to try and lobby support from other countries against Washington's sanctions. These are also Iran's biggest buyers, meaning Iran will be allowed to still export some oil for now.
Saudi-led OPEC and its allies including Russian Federation decided in June to relax output curbs in place since 2017, after pressure from U.S. President Donald Trump to reduce oil prices and make up for supply losses from Iran. All of them maintain that they will continue to trade with Iran. Will there be any genuine attempts to find common ground with Teheran on 2015 deal reached together with other Western powers to limit Iran's nuclear programme? Whereas, less than 2 million can cause a sudden jump of up to 100 pips in crude oil prices today.