US Temporarily Lifts Sanctions on Iran for Oil Sales Amid Peace Talks

The US Treasury Department has issued a 60-day general license to temporarily lift major sanctions on Iran, allowing the production, delivery, and sale of Iranian-origin crude oil, petroleum, and petrochemical products.

The license remains in effect through August 21, aligning with the timeline of an interim agreement aimed at securing a final peace deal between Washington and Tehran.

US Treasury Secretary Scott Bessent said the waiver follows Iranian commitments to ensure free and open transit through the strategic Strait of Hormuz and to permit inspectors from the International Atomic Energy Agency (IAEA) to enter the country.