US temporarily lifts sanctions on Iranian oil after productive talks

The Trump administration is temporarily lifting sanctions on the sale of Iranian oil, following through on one of the key commitments made in its extended ceasefire agreement.

The 60-day waiver issued Monday came on the heels of negotiations in Switzerland over the weekend between the US and Iran, which US Treasury Secretary Scott Bessent characterized as “productive talks.”

“Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country,” Bessent wrote in a post on X. “As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, deliver, and sale of Iranian oil.”

The waiver allows Iran to sell and deliver oil sanction-free until 12:01 a.m. on August 21 to nearly every country around the world, including the US.

That could represent a major boon to Iran’s economy following years of harsh restrictions on its ability to export its oil — a change that Trump administration negotiators agreed in an effort to convince Iran to fully reopen the Strait of Hormuz and alleviate a global energy supply crunch.