Washington grants 60-day waiver allowing dollar-denominated Iranian oil trade, reversing decades of restrictions amid nuclear talks.
The US Treasury issued a 60-day exemption lifting sanctions on Iranian oil, petrochemicals, and dollar-denominated transactions through August 21. The move reverses years of economic pressure and permits previously blocked entities to resume trade, including potential US imports of Iranian crude for the first time since the 1990s.
The waiver targets a stranded inventory of 67 million barrels of Iranian crude, potentially generating $8 to $9 billion in revenue for Tehran. Prior sanctions had collapsed Iran’s oil exports, with the last major rollback occurring post-1979 Islamic Revolution. Analysts note the license covers production, sales, and shipping simultaneously.
The decision aligns with ongoing US-Iran negotiations toward a permanent peace deal, though market reaction remains uncertain given the temporary nature of the exemption.