The US has offered temporary relief from sanctions on Iranian oil in exchange for a peace deal with Iran and the reopening of the Strait of Hormuz.

According to Iran’s semi-official news agency, the US proposal came during ongoing indirect talks between the two countries, mediated by Pakistan.

The report quoted a source familiar with the talks as saying that the relief from sanctions would not be effective immediately but would be implemented after a final agreement is reached.

However, neither the US nor Iran has officially confirmed the offer, while a written question asked in this regard has not been answered immediately.

It should be noted that earlier in March, the US administration had eased sanctions on the purchase of Iranian oil by sea for 30 days.

This was done when Iran effectively restricted maritime movement in the Strait of Hormuz in response to US and Israeli attacks, which led to a sharp increase in global oil prices.

This change in President Trump’s policy is being described as unusual because the US has long been trying to limit Iranian oil exports.

The US government feared that rising oil prices could negatively affect the country’s economy, business activities and public spending.

According to the International Energy Agency, the world is facing the worst oil crisis in history due to the war between the US, Israel and Iran, damage to oil installations in the Gulf countries and the closure of the Strait of Hormuz.

The agency has warned that global oil reserves are rapidly decreasing and may not be restored until the latter part of next year.