The US has temporarily lifted sanctions on Iranian oil, paving the way for Tehran to sell oil to countries worldwide after the US Treasury Secretary said Sunday's negotiations were constructive.
On Monday, 22 June 2026, US Treasury Secretary Scott Bessent revealed that the government is moving to temporarily lift sanctions on Iranian oil sales following "constructive" talks in Switzerland on Sunday.
This sanction relief is part of a memorandum of understanding (MOU) signed by the US and Iran last week, allowing a 60-day easing effective immediately on Monday (22 June).
"Iran has committed to ensure free and safe navigation through the Strait of Hormuz and to permit inspectors from the International Atomic Energy Agency (IAEA) to enter the country," Bessent said in a post on the X platform.
"As part of this cooperation framework, the Treasury Department has issued a temporary general license valid for 60 days authorizing the production, delivery, and sale of Iranian oil."
This easing enables Iran to sell and deliver oil without sanctions until 00:01 on 21 August, allowing sales to nearly all countries worldwide, including the US.
This move greatly benefits Iran's economy, which has long faced strict restrictions on oil exports. The change was agreed upon by the Trump administration's negotiating team to persuade Iran to fully reopen the Strait of Hormuz and help ease global energy supply shortages.
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Source:cnn