The United States has announced that it is temporarily lifting sanctions on Iran, allowing Tehran to produce, sell and deliver crude oil and related products until August 21.
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.
All transactions that were previously prohibited involving the production, sale, and transport of Iranian-origin crude oil “are authorised through 12:01 AM eastern daylight time, August 21, 2026,” according to a license published by the Treasury Department on Monday.
“Tireless Pakistani and Qatari mediation has delivered major progress to end the Lebanon war,” said Iran’s Foreign Minister Abbas Araghchi.
“Oil and petrochem exports are waived, blockade lifted, some frozen assets released, and major reconstruction & development plan launched for Iran.”
Near 1405 GMT, Brent oil futures were down 3.3 percent at $77.91 a barrel.
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