US President Barack Obama has suspended Iranian oil sanctions for the next six months.

The White House said yesterday, Obama determined that there is no need to do so for the next six months as Tehran is fully co-operating with the US-led international community to address their concerns about its nuclear weapons program.

The White House Press Secretary, Jay Carney said,while market conditions suggest that there is sufficient supply to permit additional reductions in purchases of Iranian oil, the United States has committed to pause efforts to further reduce Iran's crude oil sales for a six month period under the Joint Plan of Action between the P5 plus 1 and Iran.