US Temporarily Suspends Sanctions on Iranian Oil Amid Peace Talks
The US Treasury has issued a 60-day general license suspending sanctions on Iranian oil, allowing production, sale, and delivery until August 21, 2026. This move follows productive talks in Switzerland, where Iran committed to free transit through the Strait of Hormuz and permitting International Atomic Energy Agency inspections. The waiver includes related transactions such as banking, insurance, and shipping, and permits payments in US dollars. The license excludes transactions involving Cuba, North Korea, and Crimea. This temporary relief aims to support ongoing negotiations toward a permanent peace agreement and could ease global energy supply concerns.