U.S. Temporarily Eases Iran Sanctions on Oil-Related Activity

The U.S. Treasury announced temporary sanctions relief for Iran on Monday, with the main easing centered on Iranian crude oil. Under a new general license on Iran, transactions that were previously barred under several government sanctions regulations are allowed until August 21.

The authorization covers all actions related to, or necessary for, the production, sale, transport, or unloading of Iranian crude oil, petrochemical products, and petroleum-derived products. It also includes vessels that had been prohibited under the different sanctions measures.

Following the announcement, Treasury Secretary Scott Bessent wrote on X that, “Under President Trump and Vice President Vance, we continue to make the world safer and more prosperous.” He said that, in line with the “ongoing and productive talks in Switzerland,” Iran had committed to free and open passage in the Strait of Hormuz and to allow IAEA inspectors into the country.

Bessent added that, as part of those arrangements, the Treasury issued a 60-day general license for the production, transport, and sale of Iranian oil.