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The US is to allow Iran to use frozen funds to pay for exports shipped before sanctions were imposed before the previous administration.
The US suggested it will oppose the release of billions of dollars in Iranian funds from South Korea until Tehran returns to full compliance with a nuclear deal.
Talks between South Korea and Iran have taken place, regarding the unfreezing of frozen Iranian assets, and the resumption of oil trade.
Despite its immense oil and gas reserves, Iraq remains dependent on imports to meet its energy needs, and neighbouring Iran currently supplies a third of its gas and electricity.
US sanctions on Iranian oil and gas, on which Iraq is reliant on have hampered Baghdad's payments for imports, putting it in heavy arrears and leading Tehran to retaliate by cutting gas flows regularly.
OPEC+ will work to integrate Iran into its oil supply-limiting accord should agreement be reached on reviving its nuclear deal with world powers
The announcement comes more than a week after South Korea sent top diplomats to Vienna for talks with US negotiators working to revive the 2015 Iran nuclear deal.
Iran, Russia and the US reacted positively to a first day of talks aimed at rescuing an international agreement on Tehran's nuclear programme.
China is the world's only major importer of Iranian oil despite sanctions that former US President Donald Trump reimposed on Tehran's petroleum exports in 2018.
Over 151,000 Iraqi citizens acquired US currency at the official rate for travel but never left the country, the investigation revealed.