US Suspends Iran Oil Sanctions Until August 21

The United States Treasury Department announced on Monday a temporary suspension of sanctions on Iran, allowing the country to produce, sell and transport crude oil and related petroleum products until August 21, 2026.

According to a license issued by the Treasury Department, which oversees US economic sanctions, “all transactions” previously prohibited under sanctions involving the production, sale and transportation of Iranian-origin crude oil are now permitted through “12:01 am eastern daylight time, August 21, 2026.”

The move marks a significant easing of restrictions on Tehran amid ongoing diplomatic engagements between the two countries.

US Treasury Secretary Scott Bessent said the decision was influenced by commitments made by Iran during negotiations, including assurances of “free and open transit” through the Strait of Hormuz and its agreement to allow inspectors from the International Atomic Energy Agency access to the country.