The United States has issued a temporary license allowing Iran to produce, sell, and transport crude oil and related petroleum products without facing sanctions until August 21, 2026.
According to a notice published by the US Treasury Department on Monday, all previously prohibited transactions involving Iranian-origin crude oil are now authorized through 12:01 a.m. Eastern Daylight Time on that date.
Treasury Secretary Scott Bessent cited Iran’s commitments during ongoing negotiations — including assurances of “free and open transit” through the Strait of Hormuz and access for International Atomic Energy Agency (IAEA) inspectors as key factors behind the decision.
The move comes amid broader diplomatic efforts between the US and Iran, following recent talks and agreements aimed at easing tensions.
It is expected to facilitate the flow of Iranian oil into global markets in the short term.This suspension is time-limited and does not represent a permanent lifting of sanctions, which remain a central tool in US policy toward Iran.
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