'We'll see' — Trump hedges on guarantee Iran won't use oil profits to rebuild military

• Treasury Secretary Scott Bessent authorized Iranian oil imports into the U.S. through at least August following productive peace talks in Switzerland
• The U.S. Navy ended its blockade of Iranian ports last Thursday, which had significantly reduced Iranian oil exports since April
• Iran's central bank governor told state media there is 'no obligation' to buy agricultural inputs from the U.S., contradicting Trump's claims that purchases would be made 'exclusively' from American farmers

Summary

President Donald Trump expressed uncertainty about preventing Iran from using oil sale profits to rebuild its military following a U.S.-Iran peace agreement reached in Switzerland. When asked for guarantees, Trump responded "we'll see," stating Iran is "supposed to" use the funds to purchase American agricultural products, specifically corn and soybeans, for its hungry population.

Key Developments:

Treasury Secretary Scott Bessent authorized Iranian oil and refined product imports into the U.S. through at least August 2026, following productive peace negotiations. Last Thursday, the U.S. Navy ended its blockade of Iranian ports and coastal areas—a measure that had severely reduced Iranian oil exports since April.

Trump claimed unfrozen Iranian funds would be used "exclusively" to buy food from American farmers, adding "our farmers are very happy." However, this assertion faces immediate contradiction from Iranian officials.

Conflicting Statements:

Abdolnaser Hemmati, Iran's central bank governor, told Iranian news agency Tasnim there is "no obligation to buy agricultural inputs from the U.S." He clarified that Iran would only purchase American products if price and quality were competitive compared to other suppliers. Hemmati noted Iran needs to purchase "billions of dollars worth of essential goods and medicine annually" without restrictions on sourcing.

Market Implications:

The disagreement highlights uncertainty around the deal's implementation and enforcement mechanisms. While U.S. agricultural producers may benefit from potential Iranian purchases, the lack of binding commitments and conflicting interpretations suggest limited guarantees. The oil import authorization through August indicates a provisional arrangement subject to ongoing diplomatic developments.