The United States has temporarily suspended oil-related sanctions on Iran, allowing the country to produce, sell, and transport crude oil until August 21, 2026, as diplomatic talks between Washington and Tehran continue.
US Treasury Secretary Scott Bessent said the decision was linked to Iran’s commitments during negotiations, including ensuring the “free and open transit” of ships through the Strait of Hormuz and allowing International Atomic Energy Agency (IAEA) inspectors access.
The US Treasury Department said previously banned transactions involving Iranian crude oil production, sales, and transportation are now authorised until 12:01 a.m. Eastern Daylight Time on August 21.
Iran’s Foreign Minister Abbas Araghchi said mediation efforts by Pakistan and Qatar had helped make progress toward ending the Lebanon conflict. He added that oil and petrochemical exports had received exemptions, while some frozen assets were being released.
The move comes after Iran and the US agreed to a 60-day negotiation framework following weeks of tensions, fighting, and a fragile ceasefire.
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