Strait of Hormuz: US lifts sanctions on Iranian oil

The United States has lifted sanctions on Iranian oil till August 21, 2026.

The US Treasury Department announced this on Monday.

The Department stressed that the temporary suspension is to enable Iran produce, sell and deliver crude oil and related products.

“All transactions that were previously prohibited involving the production, sale, and transport of Iranian-origin crude oil are authorized through 12:01 am eastern daylight time, August 21, 2026,” the Treasury Department stated.

The Department’s Secretary, Scott Bessent, attributed the move to Iran’s commitment in ongoing negotiations to free and open transit in the Strait of Hormuz.

Bessent also cited Iran’s permission for International Atomic Energy Agency inspectors to enter the country as a reason for pausing the sanctions.