US TEMPORARILY LIFTS IRAN OIL SANCTIONS THROUGH AUGUST 21
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By:Tajudeen Aminat
The United States Department of the Treasury has announced a temporary suspension of sanctions on Iran, allowing the country to produce, sell and export crude oil and related petroleum products until August 21, 2026.
According to a general license published on Monday, all transactions previously prohibited under US sanctions involving Iranian-origin crude oil production, sales and transportation are now authorised through 12:01 a.m. Eastern Daylight Time on the specified date.
The Treasury Department, which oversees US economic sanctions, said the measure provides a limited window for oil-related commercial activities involving Iran.
US Treasury Secretary Scott Bessent said the decision followed ongoing diplomatic discussions in which Tehran committed to ensuring “free and open transit” through the Strait of Hormuz, a critical global oil shipping route.
He also cited Iran’s agreement to allow International Atomic Energy Agency inspectors access to its nuclear facilities as part of the broader negotiations influencing the temporary policy shift.
The development marks a rare easing of US restrictions on Iran’s energy sector, which has long been heavily targeted under Washington’s sanctions regime.
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