The United States announced on Monday that it will temporarily ease sanctions on Iran. The move allows Iran to produce, sell, and transport crude oil and other petroleum products until August 21.
The decision follows talks between US and Iranian officials in Switzerland over the weekend. US Treasury Secretary Scott Bessent described the discussions as “productive talks.”
US Grants 60-Day Waiver
The US Treasury Department issued a 60-day waiver that suspends restrictions on Iran’s oil sector. Under the license, companies can legally take part in the production, sale, and transportation of Iranian crude oil during the waiver period. The authorization remains valid until 12:01 a.m. Eastern Daylight Time on August 21, 2026.
The Treasury Department said that “All transactions” involving the production, sale, and transport of Iranian-origin crude oil that were previously banned are now allowed under the temporary license.
Talks Produce Key Commitments
US officials linked the sanctions relief to commitments Iran made during the Switzerland negotiations. According to Washington, Tehran agreed to keep the Strait of Hormuz open for international shipping and allow inspectors from the International Atomic Energy Agency (IAEA) to enter the country.
Bessent confirmed the agreement in a post on X. “Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country,” Bessent wrote.
He added, “As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, deliver, and sale of Iranian oil.”
Under President @realDonaldTrump and @VP, we continue to make the world safer and more prosperous.
— Treasury Secretary Scott Bessent (@SecScottBessent) June 22, 2026
In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency…
Iran Gains Access to Global Oil Markets
The waiver allows Iran to sell and deliver oil to almost every country in the world. The authorization also removes sanctions restrictions on those transactions during the 60-day period.
The decision could provide a major boost to Iran’s economy. For years, US sanctions have limited the country's oil exports and reduced a key source of revenue.
With the waiver in place, Iran can expand oil sales and increase income from energy exports.
Focus on Strait of Hormuz
The Trump administration agreed to the temporary sanctions relief as part of efforts to secure the full reopening of the Strait of Hormuz. The waterway remains one of the world's most important energy routes. A large share of global oil shipments passes through the strait every day.
US officials hope the agreement will help protect energy supplies and reduce pressure on global oil markets.
Diplomatic Efforts Continue
The sanctions relief comes as Washington and Tehran continue diplomatic engagement. Both sides remain involved in discussions on regional security, maritime navigation, and nuclear-related issues.
Although the waiver lasts only 60 days, it marks a significant step in ongoing negotiations between the two countries and could shape future talks on broader regional and economic issues.