The waiver will last another 30 days and was sought by several poor and vulnerable countries cut off from Gulf oil supplies by the Iran war and the closure of the Strait of Hormuz, the source said.
Iran-Israel war LIVE: Iran submits new proposal, says U.S. open to sanctions relief
Iran’s top security body announced on Monday, May 18, the formation of a new body to manage the Strait of Hormuz, which Tehran has effectively closed and wants to charge ships to traverse.