Asia treads cautiously on Iranian oil exports despite US sanctions waiver

Asian economies are expected to exercise caution in buying oil from Iran following a 60-day sanctions waiver for the Gulf country’s oil exports that took effect from Sunday, as they weigh compliance, financial risk and a potential return of hostilities between Washington and Tehran.Global markets have been looking for signs of progress that the United States and Iran could reach a lasting peace agreement despite concerns over the sustainability of a 60-day ceasefire that began earlier this month and Tehran’s nuclear programme.The prospect of oil supplies from Iran, one of the largest producers in the Middle East, has raised hopes of cheaper energy for Asian economies. The US reimposed sanctions against Tehran in 2018, a move that has deterred most Asian buyers, except China, from buying Iranian oil.