Middle EastPublished: 22 June 2026 at 18:20

US Temporarily Lifts Sanctions on Iranian Oil

The US Treasury announced a temporary suspension of sanctions on Iranian crude oil, allowing trade until August 21, citing Iran's commitments to keeping the Strait of Hormuz open and allowing IAEA inspections.

The US Treasury Department announced on Monday, June 22, a temporary exemption from sanctions related to Iran's crude oil production, sale, and delivery. According to the officially published license, these transactions are permitted until August 21, 2026.

Treasury Secretary Scott Bessent explained that the decision was made in response to Tehran's commitment during ongoing talks to ensure “free and open transit” through the Strait of Hormuz, as well as to allow International Atomic Energy Agency (IAEA) inspectors to enter the country.

This step temporarily eases US economic sanctions against Iran, allowing oil trade to continue that had previously been prohibited. The Strait of Hormuz is a strategically vital sea lane through which a significant portion of the world's crude oil is transported, making its freedom essential for global energy markets.

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