If we were in the carpet importing business, there would be nothing to bar us from importing and selling Persian rugs from Iran. We are in the grain business, however, and U.S. law thereby prohibits us from conducting business with the country, which many know best for its militant takeover of the U.S. embassy in Tehran in 1979 and the subsequent taking of hostages.
Many in the businesses community believe that the sanctions on trade with Iran not only hurt the Iranian people, they also cost American companies billions of dollars in lost revenues and jobs. The sanctions also expand the diplomatic divide between the US and many of its allies and hinder the ability for US businesses to participate in the world marketplace.
Earlier this month, the Tehran Times published an article in which it announced that Iran's Petropars Company has developed an offshore oilfield in the Caspian Sea and is in negotiation with a Turkish company as a contractor. That company will likely see profits in the billions of dollars as a result of this joint venture.
Aside from the business aspect of renewing trade with Iran, there is also the humanitarian aspect.