US suspends sanctions on Iranian oil until August 21

The US Treasury said Monday it is temporarily lifting sanctions on Iran to allow the Islamic Republic to produce, sell and deliver crude oil and related products through August 21.

“All transactions” that were previously prohibited involving the production, sale, and transport of Iranian-origin crude oil “are authorized through 12:01 am eastern daylight time, August 21, 2026,” according to a license published by the Treasury Department, which administers US economic sanctions.

US Treasury Secretary Scott Bessent cited Tehran’s commitment in ongoing negotiations to “free and open transit” in the Strait of Hormuz and permission for International Atomic Energy Agency inspectors to enter their country as a reason for pausing the sanctions.

AFP